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The following information has been provided by New Beginnings Inc. for the first quarter of the current year:
16,700 18,200 14,600
a. On January 1, there were 3,000 units on hand.
b. Fixed overhead cost is $4.00 per unit and is applied to units of product on the basis of a production volume of 15,000 units per month. Costs of goods sold is adjusted for any overapplied or underapplied fixed manufacturing overhead.
Prepare quarterly income statements using first Absorption Costing and then Variable Costing, in good form please