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Huang Company operates with a single product. The following simple income statement relates to last...

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Accounting

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Huang Company operates with a single product. The following simple income statement relates to last year when sales units totaled 25,000 Huang Company unit production for the year totaled 28,000 Variable Costing GAAP Absorption Costing Totals Per unit $ Total $ Sales 500,000 20.00 Sales Variable COGS 200,000 800 COGS x Variable S&A expense 50,000 2.00 Gross Margin Contribution margin 250,000 10.00 S&A expenses Fixed Man Ovrhd exp 147,000 Net operating incomex Fixed S&A expenses 42,000 Net operating income 61,000 Prepare a GAAP income statement for Huang Company. Reconcile any difference between the Variable costing and GAAP net operating incomes. (15 pts)

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