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Last year, a firm started to produce a single product with a unit selling price of $14. In the first year of operation standard capacity was 50,000 units, production was 50,000 units, and sales were 40,000 units. The actual costs incurred were:
Actual variable costs and fixed costs did not diverge from standard. Any under or overapplied overhead was written off directly at year end as an adjustment to the cost of goods sold. What would be the values of net income, calculated using the different bases of marginal and absorption costing (to nearest $000)? Marginal costing $________ Absorption Costing $________ |