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The following data were taken from the records of a company. Period 1 Period 2 Period 3 Production(units) 30,000 38000 27000 Sales 30,000 27000 38000 Opening stock 11,000 Closing stock ------ 11,000 ------- Per unit cost are as follows: Direct material $ 1.5 Direct labor 1.0 Production overhead 3.0 Selling price per unit $ 9 Administrative overheads are fixed at $25000 and one third of the production overheads are fixed. Required Prepare separate income statements on full costing and variable costing
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