Ireland Corporation planned to be in operation for three years.
∙ During the first year, 2017, it had no sales but incurred $240,000 in variable manufacturing expenses and $80,000 in fixed manufacturing expenses.
∙ In 2018, it sold half of the finished goods inventory from 2017 for $200,000 but it had no manufacturing costs.
∙ In 2019, it sold the remainder of the inventory for $240,000, had no manufacturing expenses and went out of business.
∙ Marketing and administrative expenses were fixed and totaled $40,000 each year.
Required:
| a. | Prepare an income statement for each year using absorption costing. |
| b. | Prepare an income statement for each year using variable costing. |
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