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    raekwonjames Posts: 1, Reputation: 1
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    Jun 12, 2011, 04:26 PM
    prepare an income statement using absorption and variable costing
    on January 1 of the current year, townsend co. commenced operations. It operated it's plant at 100% of capacity during January. The following data summarized the results for january:

    production 50,000 units
    sales (18per unit) 42,000 units
    inventory, January 31 8,000 units

    manufacturing costs:
    variable $575,000
    fixed $80,000
    total $655,000

    selling and administration expenses
    variable $35,000
    fixed $10,500
    total $45,000

    prepare an income statement using absorption and variable costing

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