UliManufacturing produces snow shovels. The selling price per snow shovel is $29.00. There is no beginning inventory.

Costs involved in production are:

Direct material

$4.00

Direct labor

4.00

Variable manufacturing overhead

2.00

Total variable manufacturing costs per unit

$10.00

Fixed manufacturing overhead per year

$245,250

In addition, the company has fixed selling and administrative costs of $170,800per year.

During the year,Uliproduces54,500snow shovels and sells49,310snow shovels.

What is the value of ending inventory using full costing?75,255

What is the value of ending inventory using variable costing? 51,900

Calculate the difference in full costing net income and variable costing net income without preparing either income statement. 23,355

What is cost of goods sold using full costing? 714,995

What is cost of goods sold using variable costing? 493,100

What is net income using full costing? 544,195

What is net income using variable costing?