A business operated at 100% capacity during its first month of operations, with the following results:   Sales (90 units)   $90,000 Production costs (100 units)         Direct materials $40,000       Direct labor   20,000       Variable factory overhead     2,000       Fixed factory overhead     7,000              Total manufacturing costs     69,000 Operating expenses:         Variable            Variable operating expenses $ 8,000          Fixed operating expenses     1,000              Total operating expenses       9,000   Use this information to complete a variable costing income statement.

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A: Product cost is the cost incurred on the production or making of a product. It is the cost that…

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A: Introduction: Variable costing: Variable costing product cost = Direct materials + Direct labor +…

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Q: A business operated at 100% of capacity during its first month, with the following results: Sales…

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.