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Need help answering Advanced Company reports the following costing data on its product line for its first year of operations. During this first year, the
Need help answering
Advanced Company reports the following costing data on its product line for its first year of operations. During this first year, the company produced 25,000 toasters and sold 15,000 units at a price of $50. Production costs Direct materials per unit $9 Direct labor per unit $11 Variable overhead per unit $3 Fixed overhead for the year $137,500 Selling and administrative costs Variable selling and administrative cost per unit $5 Fixed selling and administrative cost per year $125,000 You have prepared its income statement for the year ended March 31, 20X1 under both absorption and variable costing. You must now convert the Net Income under Variable Costing to the Net Income under Absorption costing. What is the Dollar Amount of Fixed Overhead in Ending Inventory? Specify in dollars (no decimal places or cents)Step by Step Solution
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