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Use the following data to answer the question

Using absorption costing, what is the net income in February if each unit sells for $3600?

January February March Unit Data       Beginning Inventory 0       ?       ?       Production 1100 800 1000       Sales 800 800 1000 variable costs       manufacturing cost per unit produced $900 $900 $900       marketing cost per unit sold $600 $600 $600 Fixed costs    Manufacturing costs $450,000 $450,000 $450,000    Marketing costs $140,000 $140,000 $140,000

Explanation / Answer

sales (800*3600) 2880000

Less:COGS

Begining Bal. (300*1462.5) 438750

Produced (800*1462.5) 1170000

Less:closing (300*1462.5) 438750

COGs 1170000

Gross margin 1710000

Less: Expenses 620000

Net income 1090000

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