17 Mar Hamilton Heating Company is a small manufacturer o
Hamilton Heating Company is a small manufacturer of auxiliary heaters. The units sell for $100 each. In 2008, the company produced 1,200 units and sold 1,000 units. Below are variable and full costing income statements for 2008.Income Statement Prepared Using Variable CostingHamilton Heating CompanyIncome StatementFor the Year Ending December 31, 2008Sales$ 100,000Less variable costs: Variable cost of goods sold$20,000 Variable selling expense10,00030,000Contribution margin70,000Less fixed costs: Fixed manufacturing expense24,000 Fixed selling expense8,000 Fixed administrative expense12,00044,000Net Income$26,000Income Statement Prepared Using Full CostingHamilton Heating CompanyIncome StatementFor the Year Ending December 31, 2008Sales$ 100,000Less cost of goods sold40,000Gross margin60,000Less selling and administrative expenses: Selling expense$18,000 Administrative expense12,00030,000Net Income$30,000Required:Reconcile the difference in profit between the two income statements.
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