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Chapter 8
3.1 Absorption costing profit statement
$ $
Sales 212,500
Less Cost of sales:
Opening inventory 2,700
Variable cost of production 129,000
Fixed overhead absorbed 33,000
Less Closing inventory 29,700
135,000
(under)/over absorption 3,000
Gross profit 80,500
Less non-production costs 26,250
Profit/loss 54,250
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