Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ollies Olive Oil began business in 2010, during which it produced 104,000 quarts of olive oil. In 2010, the company sold 100,000 quarts of olive

Ollies Olive Oil began business in 2010, during which it produced 104,000 quarts of olive oil. In 2010, the company sold 100,000 quarts of olive oil. Costs incurred during the year were as follows: Ingredients used $228,800 Direct labor 104,000 Variable overhead 197,600 Fixed overhead 98,800 Variable selling expenses 50,000 Fixed selling and administrative expenses 120,000 Total actual costs $799,200 a. What was the actual production cost per quart variable costing? Under absorption costing? b. What was variable cost of goods sold for 2010 under variable costing? c. What was cost of goods sold for 2010 under absorption costing? d. What was the value of ending inventory under variable costing? Under absorption costing? e. How much fixed overhead was charged to expense in 2010 under variable costing? Under absorption costing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions