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Question(s) / Instruction(s):

Adams Company, a manufacturer of in-home decorative fountains, began operations on September 1 of the current year. Its cost and sales information for this year follows

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Requirements:

1.    Prepare an income statement for the company using absorption costing.

2.     Prepare an income statement for the company using variable costing.

3.     Under what circumstance(s) is reported income identical under both absorption costing and variable costing?

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