Magic Screen's contribution income statement utilizing variable costing appears below: Magic Screen Company Income Statement...
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Magic Screen's contribution income statement utilizing variable costing appears below: Magic Screen Company Income Statement For the Year Ended December 31, 2007 Sales ($30/unit) $1,200,000 Less variable costs: COGS 800,000 Selling & Admin 40,000 840,000 Contribution Margin 360,000 Fixed overhead 98,000 Fixed Selling & Admin 170,000 268,000 Net Income $ 92,000 Magic Screen Company produced 49,000 units during the year. Variable and fixed production costs have remained constant the entire year. There were no beginning inventories. The dollar value of the ending inventory using full costing will be: Answer $180,000 $198,000 $189,000 $18,000
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