a-e

In its first year of business, Ollies Olive Oil produced 228,800 quarts of olive oil. During its first year, the company sold 220,000 quarts of olive oil. Costs incurred during the year were as follows:

Ingredients used	$503,360
Direct labor	228,800
Variable overhead	434,720
Fixed overhead	217,360
Variable selling expenses	110,000
Fixed selling and administrative expenses	44,000
Total actual costs	$1,538,240

a. 1. What was the actual production cost per quart under variable costing? $Answer 2. What was the actual production cost per quart under absorption costing? $Answer b. What was variable cost of goods sold for the year under variable costing? $Answer c. What was cost of goods sold for the year under absorption costing? $Answer d. 1. What was the value of ending inventory under variable costing? $Answer 2. What was the value of ending inventory under absorption costing? $Answer e. 1. How much fixed overhead was charged to expense for the year under variable costing? $Answer 2. How much fixed overhead was charged to expense for the year under absorption costing? $Answer