Name _____________________________ Student No. ________________________ Score ______________________________ ACC 355-001 – Quiz #4 (Winter 2014) During its second month of operations, MLS Corporation produced 300 units and sold 280 units at $40 each. The beginning inventory comprised 50 units, and costs were unchanged from the previous month. MLS uses a LIFO cost flow assumption to account for inventory. Costs incurred during the second month were: Direct materials per unit produced Direct labor per unit produced Variable overhead per unit produced Variable selling and administrative cost per unit sold Total fixed production overhead Total fixed selling and administrative costs 1. 2. 3. 4. 5. $3 $5 $7 $5 $6,000 $3,000 Prepare an income statement using the absorption costing method. Prepare an income statement using the variable costing method. Prepare an income statement using the throughput costing method. Reconcile the income between absorption costing and variable costing. Reconcile the income between variable costing and throughput costing. ACC 355-001 – Quiz #4 (Page 2) Name______________________________