Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company sells a product for $200 per unit. In November, the company sold 28,000 units while manufacturing 30,000 units. There was no beginning inventory

A company sells a product for $200 per unit. In November, the company sold 28,000 units while manufacturing 30,000 units. There was no beginning inventory on November 1. Production information for November was: Direct manufacturing labor per unit 15 minutes Fixed selling and administrative costs $40,000 Fixed manufacturing overhead $132,000 Direct materials cost per unit $2 Direct manufacturing labor per hour $24 Variable manufacturing overhead per unit $4 Variable selling costs per unit $2 Required: (5 points each) A) What is the amount of ending inventory under absorption costing? Enter your numeric answer in the answer box. Do not enter currency sign and comma, and decimal point if any. B) What is the amount of ending inventory under variable costing? Enter your numeric answer in the answer box. Do not enter currency sign and comma, and decimal point if anyimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

15th Edition

0077328701, 9780077328702

More Books

Students also viewed these Accounting questions