Exercise 3.9: Calculate COGS under absorption costing COGS and ending inventory Homework Unanswered Monkey, Inc. produces and sells toys to children of all ages. They manufacture toys promoting coding to young children. They are organized such that each product is produced in a separate department. One department produces a product, the Codie. The Codie helps children identify patterns and allows them to enter sequencing of actions to achieve an objective, mimicking writing code. During the month of July costs incurred in the Codie department are as follows: During July the Codie department produced 7,000 units and was able to sell 6,500 units. Required Calculate cost of goods sold reported on the income statement under absorption costing. (Hint: calculate fixed manufacturing overhead per unit) Type your numeric answer and submit Exercise 3.10: Calculate COGS under variable costing Variable costing COGS Homework Unanswered Monkey, Inc. produces and sells toys to children of all ages. They manufacture toys promoting coding to young children. They are organized such that each product is produced in a separate department. One department produces a product, the Codie. The Codie helps children identify patterns and allows them to enter sequencing of actions to achieve an objective, mimicking writing code. During the month of July costs incurred in the Codie department are as follows: Direct materials $12/ unit Direct labour $10.50/ unit Variable manufacturing overhead $6.25/ unit Fixed manufacturing overhead $35,000 total During July the Codie department produced 7,000 units and was able to sell 6,500 units. Required Calculate cost of goods sold reported on the income statement under variable costing. (Hint: calculate fixed manufacturing overhead per unit)