Question
FOXTROT, INC. opened a small manufacturing firm on January 1, 2021. Sales and Cost data for FOXTROT, INC. during the first two months of 2021
FOXTROT, INC. opened a small manufacturing firm on January 1, 2021. Sales and Cost data for FOXTROT, INC. during the first two months of 2021 are given below:
| January | February | |
|---|---|---|
| Selling Price (per unit) | $8 | $8 |
| Fixed Costs (total) | $20 | $20 |
| Variable Costs (per unit) | $4 | $3 |
| Number of units produced | 10 | 10 |
| Number of units sold | 7 | 12 |
Required: Calculate the following using the FIFO inventory method (Round to the nearest cent): a. FOXTROT income for January:
| Absorption Costing | Variable (Direct) Costing |
|---|---|
b. FOXTROT income for February:
| Absorption Costing | Variable (Direct) Costing |
|---|---|
Calculate the following using the LIFO inventory method (Round to the nearest cent):
c. FOXTROT income for January:
| Absorption Costing | Variable (Direct) Costing |
|---|---|
d. FOXTROT income for February:
| Absorption Costing | Variable (Direct) Costing |
|---|---|
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Auditing Humor And Other Oxymorons
Authors: Mr Mike Jacka
1st Edition
0991280903, 978-0991280902
