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The following table shows Jackson Company's inventory balances, in units, for years 1, 2 and 3. ...

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The following table shows Jackson Company's inventory balances, in units, for years 1, 2 and 3. ...

The following table shows Jackson Company's inventory balances, in units, for years 1, 2 and 3. Total fixed costs were $20,000 for each of the last three years. The units in year 1 beginning inventory were based on production of 500 units.

Year

Beginning Inventory	40	0	30
Production	100	130	160
Sales	140	100	160
Ending inventory	0	30	30

Required:

For each year, calculate the difference between absorption costing and variable costing operating income. Indicate which costing system has the highest income each year. Assume the LIFO method is used in year three.

Textbook

Managerial Accounting

Edition: 4^th

Author: Davis

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