JET Co. sells its product for $150 per unit. During 2020, it produced 150,000 units and sold 90,000 units (there was no beginning inventory). Costs per unit are: direct materials $120, direct labor $70, and variable manufacturing overhead $30. Variable marketing cost $60 per unit sold. Fixed costs are: $300,000 manufacturing overhead, and $90,000 selling and administrative expenses. The cost of goods sold under absorption costing is $11,000,000.a $19,980,000.b $10,200,000.co $19,800,000.d O When units sold exceed units produced, income under absorption costing is lower than income under variable costing True.a False.b O KRAFT Inc. accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2017 Raw materials inventory $410,000 Work in process inventory 500,000 Finished goods inventory 200,000 $350,000 260,000 100,000 During 2018, $700,000 of raw materials were purchased, direct labor costs amounted to $430,000, and manufacturing overhead incurred was $390,000. Raw materials that are used during 2018 for KRAFT Inc. are: $520,000. O $760,000. O $640,000. O $660,000. O