In its first year of business, the McCormik Co. produced and sold 14,000 units and...
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Accounting
In its first year of business, the McCormik Co. produced and sold 14,000 units and incurred the following costs:
Manufacturing Costs:
| Cost Per Unit | |
| Direct Material | $20 |
| Direct Labor | $5 |
| Var. Manufacturing Overhead | $8 |
| Fixed Manufacturing Overhead | $21 |
| Variable Selling and Admin. | $3 |
| Fixed Selling and Admin. | $9 |
| Units Produced | 15,000 |
| Units Sold | 13,000 |
| Selling Price Per Unit | 100 |
| Tax Rate | 25% |
Show the net income under absorption and variable costing. Calculate Net income for 13,000 sold and 15,000 produced.
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