Question
Natural Looks and Scents manufactures beauty supplies. The information for the current year is listed below. 2020 Selling price per package $50 Sales 130,000 Beginning
Natural Looks and Scents manufactures beauty supplies. The information for the current year is listed below.
2020
Selling price per package
$50
Sales
130,000
Beginning inventory
20,000
Production
120,000
Ending Inventory
???
Standard variable cost per Unit for the current year is given below
Direct material
$15.50
Labour
13.50
Overhead
5.00
Variable selling and admin
0.80
Annual fixed cost for current year actual and budgeted were:
Production$357,500
Selling and administration120,000
The fixed overhead rate under absorption costing is based on a practical capacity of 130,000 units per year. All variances and under or overapplied overhead are written off to cost of goods sold.
Complete the following table for absorption costing and variable costing
Cost per unit
Answer
Answer
Adjusted COGS
Answer
Answer
Gross Profit/Contribution Margin
Answer
Answer
Operating Income
Answer
Answer
Ending Inventory
Answer
Answer
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Elementary Statistics
Authors: Mario F. Triola
12th Edition
0321836960, 978-0321836960
