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just checking to see if my answers are corect During its first year of operations, Snobegon, Inc, (located in Lake Snobegon, Minnesota), produced 40,700 plastic
just checking to see if my answers are corect
During its first year of operations, Snobegon, Inc, (located in Lake Snobegon, Minnesota), produced 40,700 plastic snow scoops. Snow scoops are oversized shovel-type scoops that are used to push snow away. Unit sales were 38,100 scoops. Fixed overhead was applied at 50.75 per unit produced. Fixed overhesd was underapplied by $2,700. This fixed overtiead variance was dosed to Cost of Goods Sold. There was no variable overhead variance. The results of the year's operations are as follows (on an absorption-costing bosis)t 1. Calculate the cost of the firm's ending inventory under absorption cysting. Round unit cost to five decimal places. Round your final answer to the nearest dollar. What is the cost of the ending inventory under variable costing? Round unit cost to five decimal places. Round your final answer to the nearest doliar. 1 2. Prepare a variable-costing income statement. Round the unit cost to five decimal places, when required. Aound your final answers to the nearest dollar. Use the rounded values in subsequent computations. 1. Calculate the cost of the firm's ending inventory under absorption costing. Round unit cost to five decimal places. Round your final answer to the nearest dollar. What is the cost of the ending inventory under variable costing? Round unit cost to five decimal places. Round your final answer to the nearest dollar. 1 2. Prepare a variable-costing income statement, Round the unit cost to five decimal places, when required. Round your final answers to the nearest dollor. Use the rounded values in subsequent computations. What is the difference between the two income figures Step by Step Solution
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