(Answered) Question - the hampton company produces and sells a single

Accounting

Question - The Hampton Company produces and sells a single product. The following data refer to the year just completed.

Selling price	$450

Units in beginning inventory	0
Units produced	25,000
Units sold	22,000

Variable costs per unit:
Direct materials	$150
Direct labor	$75
Variable manufacturing overhead	$25
Variable selling and admin	$15

Fixed costs:
Fixed manufacturing overhead	$275,000
Fixed selling and admin	$200,000

Required:

Compute the cost of a single unit of product under both the absorption costing and variable costing approaches.

Prepare an income statement for the year using absorption costing.

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