Refer to your answers to Exercise E21- 15. In May 2014, VitaSport produced 20,000 cases of powdered
Question:
Refer to your answers to Exercise E21- 15. In May 2014, VitaSport produced 20,000 cases of powdered drink mix and sold 23,000 cases, of which 3,000 were produced in April. The sale price was $ 22, variable costs were $ 14 per case ($ 10 manufacturing and $ 4 selling and administrative), and total fixed costs were $ 55,000 ($ 40,000 manufacturing and $ 15,000 selling and administrative).
Exercise E21- 15
VitaSport produced 20,000 cases of powdered drink mix and sold 17,000 cases in April 2014. The sale price was $ 22, variable costs were $ 14 per case ($ 10 manufacturing and $ 4 selling and administrative), and total fixed costs were $ 55,000 ($ 40,000 manufacturing overhead and $ 15,000 selling and administrative). The company had no beginning Finished Goods Inventory.
Requirements
1. Prepare the May income statement using variable costing.
2. Determine the balance in Finished Goods Inventory as of May 31.
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