A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:   Units in beginning inventory 0 Units produced 4,450 Units sold 4,350 Units in ending inventory 100 Variable costs per unit:   Direct materials $ 50 Direct labor $ 52 Variable manufacturing overhead $ 15 Variable selling and administrative expense $ 13 Fixed costs:   Fixed manufacturing overhead $93,450 Fixed selling and administrative expense $43,500 What is the variable costing unit product cost for the month? $130 per unit $151 per unit $117 per unit $129 per unit

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.