Chapter 9, Problem 11EA

Collins Corporation reported $120,000 of income for the year by using variable costing. The company had no beginning inventory, planned and actual production of 60,000 units, and sales of 55,000 units. Standard variable manufacturing costs were $18 per unit, and total budgeted fixed manufacturing overhead was $180,000. If there were no variances, income under absorption costing would be__.

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Compute the net income.

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General accounting question

Please provide the correct answer to this financial accounting problem using accurate calculations.