Prepare-an-absorption-costing-income-statement-for-2012
Prepare an absorption costing income statement for 2012
Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.
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Polk Company sells the fishing lures for $25. During 2012, the company sold 80,000 lures and produced 95,000 lures.