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Compute income under standard variable costing | Accounting homework help

Lund Company sells a single product for $25. It had no beginning inventories. Operating data follow.

Sales, 55,000 units$1,375,000
Normal capacity60,000 units
Production costs:
Variable per unit$13
Fixed production$300,000
Selling and administrative expenses:
Variable per unit sold$2
Fixed selling$40,000
Number of units produced66,000 units

Assume the actual costs were as budgeted.

a. Compute income under standard variable costing.

b. Compute income under standard absorption costing.


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