(Solution) - Symond Corporation produces one product Its cost includes direc -(2025 Original AI-Free Solution)

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Symond Corporation produces one product. Its cost includes direct materials ($10 per unit), direct labor ($8 per unit), variable overhead ($6 per unit), fixed manufacturing ($250,000), and fixed selling and administrative ($30,000). In October 2012, Symond produced 25,000 units and sold 20,000 at $50 each.
Instructions
(a) Prepare an absorption costing income statement.
(b) Prepare a variable costing income statement.
(c) Explain the difference in net income in the two income statements.