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Cosmos Enterprises has the following information: Selling Price per Unit $140 Per Unit Variable Production...

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Accounting

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Cosmos Enterprises has the following information: Selling Price per Unit $140 Per Unit Variable Production Costs: Direct materials $26 Direct labor $44 Variable overhead $15 Fixed Production Costs per Year $154,000 Per Unit Variable Selling Costs $7 Fixed Selling and Admin $110,000 Costs per Year 7,000 units were produced during the year. Part A: Prepare variable costing income statements assuming: Case 1: 7,000 units are sold Case 2: 6,000 units are sold Case 3: 9,000 units are sold Case 1 Case 2 Case 3 Sales Variable Costs Contribution Margin Fixed Costs Net Income Part B: Prepare absorption costing income statements assuming: Case 1: 7,000 units are sold Case 2: 6,000 units are sold Case 3: 9,000 units are sold Case 1 Case 2 Case 3 Sales Cost of Goods Sold Gross Profit Selling and Admin Net Income For each case, did the variable costing net income equal the absorption costing net income? Explain why or why not for each case

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