Information taken from Giles Corporation's May accounting records follows.

Required:

Direct materials used $150,000 Direct labor 80,000 Variable manufacturing overhead 30,000 Fixed manufacturing overhead 100,000 Variable selling and administrative costs 51,000 Fixed selling and administrative costs 60,000 Sales revenue 625,000

A. Assuming the use of variable costing, compute the inventoriable costs for the month.

B. Compute the month's inventoriable costs by using absorption costing.

C. Assume that anticipated and actual production totaled 20,000 units, and that 18,000 units were sold during May. Determine the amount of fixed manufacturing overhead and fixed selling and administrative costs that would be expensed for the month under (1) variable costing and (2) absorption costing.

D. Assume the same data as in requirement "C." Compute the contribution margin that would be reported on a variable-costing income statement.