Here I found the answer which match your question u can take idea from it,
Delta Corporation
Income Statement (Under Absorption Costing System)
For the Quarter Ending ------------
-
(Rupees)
Sales (20,000 * 30) 600,000
Less: Cost of Goods Sold
Opening Stock 0
Add: Production Cost (15.50 * 24,000) 372,000
Less: Closing Stock (15.50 * 4,000) (62,000) 310,000
Gross Profit 290,000
Less: Operating Expenses
Selling & Administrative Expenses (Fixed) 60,000
Net Profit 230,000
Working:
Production Cost (Total) = 80,000+100,000+120,000+72,000 = 372,000
Per Unit Production Cost = 372,000/24,000 = 15.50
Part-2
Delta Corporation
Income Statement (Under Direct Costing System)
For the Quarter Ending -------------
(Rupees)
Sales (20,000 * 30) 600,000
Less: Variable Cost of Goods Sold
Opening Stock 0
Add: Variable Production Cost (12.50 * 24,000) 300,000
Less: Closing Stock (12.50 * 4,000) (50,000) 250,000
Gross Profit 350,000
Less: Fixed Expenses
Factory Over Heads (Fixed) 72,000
Selling & Administrative (Fixed) 60,000 132,000
Net Profit 218,000
Working:
Total Variable Cost = 80,000+100,000+120,000 = 300,000
Per Unit Cost (Variable) = 300,000/24,000 = 12.50
|