Wrap-It Company, a Manufacturer of Wrapping Paper, Began Operations on June

Essay

Wrap-It Company, a manufacturer of wrapping paper, began operations on June 1 of the current year. During this time, the company produced 370,000 units and sold 310,000 units at a sales price of $50 per unit. Cost information for this period is shown below.
(a.) Prepare Wrap-It's December 31^st income statement for the current year under absorption costing.
(b.) Prepare Wrap-It's December 31^st income statement for the current year under variable costing.