Cost Accounting

The following information is available for Gray Corporation for the year just ended: Production for the year 45,000 units Sales for the year ($8 sales price) 48,750 units Beginning inventory 8,750 units Standard production costs (for both current AND prior years) Direct materials 3.60 Direct labor 100 Variable overhead Fixed overhead 0.40 0.60 Selling and administrative costs: Variable (per unit sold) Fixed (per year) $ $ 0.40 150,000 Budgeted foed overhead equaled actual fred overhead The fixed overhead rate shown above is based on units of production based on an expected practical capacity of 100,000 units per year. There were no changes in work in process inventory for the period. For simplicity, assume that all costs and rates are the same as the prior year and the unit cost of inventory is unchanged. ANSWER THE FOLLOWING QUESTIONS 16. What is the budgeted annual fixed manufacturing overhead? 17. the company uses variable costing, what is the underapplied or overapplied fored overhead? 18. Under absorption costing, what is the standard unit cost of inventory? per unit 19. Under variable costing, what is the unit cost of inventory? per unit