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Richmond Company manufactures a product with the attached information available for the years 20X0 and...

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Accounting

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Richmond Company manufactures a product with the attached information available for the years 20X0 and 20X The company had no inventory at the beginning of20X0. The standard costs per unit to manufacture one unit for both years are attached. Fixed selling and administrative costs were $220,000. All variances are charged or credited to cost of goods sold. The fixed manufacturing overhead cost per unit is based on a normal capacity of 0,000 ts Prepare income statements, in appropriate form, using full absorption costing, for years 20X0 and 20X1. Prepare income statements, in appropriate form, using variable costing, for years 20X0 and 20X1 REQUIRED: (1) (2)

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