Following is the income statement of Jain Tubes Company Ltd prepared on the basis of absorption costing: Additional Information (a) The fixed manufacturing overheads are absorbed at a standard rate...

Following is the income statement of Jain Tubes Company Ltd prepared on the basis of absorption costing:

Additional Information

(a) The fixed manufacturing overheads are absorbed at a standard rate per unit of product.

(b) Total fixed cost of the current year (budgeted as well as actual) is `1,34,400.

(c) All units in inventory at the end of the year were manufactured during the year.

(d) Prepare an income statement on variable costing basis.