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Illustration 4-Absorption of Fixed Production Overheads The following information has been extracted from the records...

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Illustration 4-Absorption of Fixed Production Overheads The following information has been extracted from the records of a company: There was no opening balance at the start of the January. The budget forecast that, production would equal sales at 1,000 units per month. The company used the blanket rate per unit of planned output as the absorption rate. Actual results for the first quarter of 2013 were as follows: Required: Prepare income statement under marginal and absorption costing principles

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