Please answer all parts

07 5 Sierra Company incurs the following costs to produce and sell its only product eBook Variable costs per unit Direct materials $ 12 Direct labor $9 Variable manufacturing overhead 3 Variable selling and administrative expenses 55 Fixed costs per year Fixed manufacturing overhead $ 56,000 Fixed selling and administrative expenses $ 250.000 During this year, 32,000 units were produced and 25 250 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $162000 for the 6750 unsold units Required: 1-a Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing 1.6 Does it appear that the company is using variable costing or absorption costing to assign costs to the 6750 units in its Finished Goods inventory? 2. Assume that the company wishes to prepare this year's financial statements for its stockholders. a Is Finished Goods inventory of $162,000 the correct amount to include on the balance sheet for external reporting purposes? b What balance should be reported in the Finished Goods inventory account for external reporting purposes? Hint Ask Print erences Complete this question by entering your answers in the tabs below. Reg 14 Reg 10 Reg 2A Req 28 Calculate this year's ending balance in Finished Goods inventory two ways using variable costing and using absorption costing (Round Intermediate calculation to the nearest dollar amount) Ending Balance in Finished Goods Variable costing Absorption costing Req 18 53 Sierra Company incurs the following costs to produce and sell its only product Variable costs per unit: Direct materials $ 12 Direct labor $ 9 Variable manufacturing overhead Variable selling and administrative expenses $.5 Fixed costs per years Fixed manufacturing overhead $ 96,000 Fixed selling and administrative expenses $ 280,000 During this year, 32,000 units were produced and 25,250 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $162,000 for the 6.750 unsold units Required: 1-a. Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing 1-5. Does it appear that the company is using variable costing or absorption costing to assign costs to the 6750 units in its Finished Goods inventory? 2. Assume that the company wishes to prepare this year's financial statements for its stockholders. a is finished Goods inventory of S162,000 the correct amount to include on the balance sheet for external reporting purposes? b. What balance should be reported in the Finished Goods inventory account for external reporting purposes? Complete this question by entering your answers in the tabs below. Req1A 18 Reg 2A Reg 28 Does it appear that the company is using variable costing or absorption costing to assign costs to the 6.750 units in its Finished Goods Inventory? Absorption costing Variable costing Sierra Company incurs the following costs to produce and sell its only product. Variable costs per unit: Direct materials Direct labor $ 12 $9 Variable manufacturing overhead Variable selling and administrative expenses $3 $5 Fixed costs per year: Fixed manufacturing overhead 5.96,000 Fixed selling and administrative expenses $ 280,000 During this year, 32,000 units were produced and 25,250 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $162,000 for the 6,750 unsold units. Required: 1-a. Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing. 1-b. Does it appear that the company is using variable costing or absorption costing to assign costs to the 6750 units in its Finished Goods inventory? 2. Assume that the company wishes to prepare this year's financial statements for its stockholders. a. Is Finished Goods inventory of S162,000 the correct amount to include on the balance sheet for external reporting purposes? b. What balance should be reported in the Finished Goods Inventory account for external reporting purposes? es Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2A Reg 28 Req 2A Assume that the company wishes to prepare this year's financial statements for its stockholders. Is Finished Goods inventory of $162,000 the correct amount to include on the balance sheet for external reporting purposes? Yes, because variable costing is generally accepted for external reporting No, because variable costing is not generally accepted for external reporting Yes, because absorption costing is generally accepted for external reporting No, because absorption costing is not generally accepted for external reporting, Sierra Company incurs the following costs to produce and sell its only product. Variable costs per unit: Direct materials Direct labor 512 $.9 Variable manufacturing overhead $3 Variable selling and administrative expenses 55 Fixed costs per year: Fixed manufacturing overhead $ 96,000 Fixed selling and administrative expenses $ 280,000 During this year, 32,000 units were produced and 25,250 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $162,000 for the 6.750 unsold units. Required: 1-a. Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing 1-6. Does it appear that the company is using variable costing or absorption costing to assign costs to the 6,750 units in its Finished Goods inventory? 2. Assume that the company wishes to prepare this year's financial statements for its stockholders. als Finished Goods inventory of $162,000 the correct amount to include on the balance sheet for external reporting purposes? b. What balance should be reported in the Finished Goods inventory account for external reporting purposes? Complete this question by entering your answers in the tobs below. Ska 20 Reg 1A Reg 18 Req ZA Assume that the company wishes to prepare this year's financial statements for its stockholders, What balance should be reported in the Finished Goods inventory account for external reporting purposes? Finished goods inventory balance for external reporting purposes