Need help with this general accounting Beginning inventory in units0Units produced4,800Units soldSales4,000$400,000Material cost (unit level or variable)Variable conversion cost used (Committed) $48,000$96,000Facility-level or fixed manufacturing cost$72,000Indirect operating costs (fixed)$80,000The absorption cost of goods sold is:A. $246,667B. $120,000C. $180,000D. $40,000

Step 1:- Introduction to the Cost of Good SoldThe cost of goods sold can be defined as the cost of…

Answered: Beginning inventory in units 0 Units…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?
Sales per unit P15.00Variable production cost 8.00Annual fixed production cost 35,000.00Variable selling expense (unit) 3.00Annual fixed selling expense 15,000.00Produced 12,500 units during the periodNo inventory at January 1 (beg.)Sold 10,000 units 21. The ending inventory under direct costing isa. P25,000 b. P27,500 c. P20,000 d. P32,500 22. Ending inventory under absorption costing isa. P32,500 b. P20,000 c. P25,000 d. P27,000
The following data relates to Alpha Company. Units in beginning inventory Units produced Units sold ($350 per unit) Variable costs per unit: Direct materials Direct labor Variable overhead Fixed costs: Fixed overhead per unit produced Fixed selling and administrative expenses - 26,000 19,000 $40 60 25 $50 150,000 Determine the value of ending inventory under variable costing. a. $700,000 O b. $1,225,000 C. $805,000 O d. $875,000
Subject = General Account
Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Product Cost Selling Price Estimated Cost of Disposal A $90,000 $150,000 $20,000 B 110,000 120,000 15,000 C 60,000 70,000 5,000 D 100,000 115,000 5,000
Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000. a. $615,000 b. $445,000 c. $685,000 d. $585,000
From these results of operations, determine the cost of goods manufactured of XY Co.Finished goods -beg P72,000 Sales P465,000Finished goods - end P66,000 Gross margin P88,000 a. P371,000b. P377,000c. P383,000d. P459,000
Account answer wanted
1. If the economic order quantity model is used, the economic lot size is a. 1,500 units b. 2,250 units c. 2,750 units d. None of these 2. At present, the companies total annual inventory cost is a. 7,500 b. 16,875 c. 22,500 d. 24,375
Enabled: Midterm 2 i C Cost The following information pertains to one item of inventory of the Simon Company. Saved Per unit $ 200 170 190 10 30 Replacement cost Selling price Disposal costs Normal profit margin Using the lower of cost or market method, this item should be valued at:
Units Purchased During the Year Date Units Cost per Unit Total Cost Beginning Inventory 20,000 5.10 $102,000 February 25 40,000 5.25 210,000 April 9 55,000 5.35 294,250 Totals 115,000 606,250 Units Sold During the Year Date Units February 28 50,000 April 15 12,000 Subtotals 62,000 What is cost of goods sold using perpetual system, LIFO cost flow?
Question:234 Given the following data. Beginning Inventory in Units - 0 Units produced - 4,800 Units Sold 4,000 Sales $400,000 Material Cost (unit level/variable) - $96,000 Variable Conversion Cost Used - $48,000 Fixed Manufacturing Cost (Facility Level) - $72,000 Indirect Operating Cost (fixed) - $80,000 What is the difference between the variable costing ending inventory cost and the absorption costing ending inventory cost? Show your complete solution.

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