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The following data relate to Socks Company for the year ended 31st December 2018: Direct...

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Accounting

The following data relate to Socks Company for the year ended 31st December 2018:

Direct materials OMR 360,000 Direct labor OMR 504,000

Manufacturing overhead: Variable OMR 180,000 Fixed OMR 360,000

Sales Commission (variable): OMR 108,000 Sales salaries (Fixed): OMR 72,000

Administrative expenses (Fixed) OMR 144,000

Units produced: 150,000 Units sold (@ OMR 18) 120,000

Opening inventory: Nil

Required: You are required to prepare Income Statement using:

1.Variable Costing

Absorption Costing

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