The following data have been obtained from the books of a company:
|
Opening Stock |
6,000 units valued at Rs. 90,000 including |
|
Fixed Production Cost |
Rs. 70,000 |
|
Variable Production Cost |
Rs. 15 per unit |
|
Production |
14,000 units |
|
Sales |
20,000 units @ Rs. 30 per unit |
|
Administration and Selling Overheads (fixed): Rs. 1,30,000 |
Prepare an Income Statement under: (i) Absorption Costing Technique; and (ii) Variable Costing Technique.