Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 90,000 units 54,000 units $ 26 per unit $ 28 per unit $ 3 per unit $ 720,000 in total Given Belle Company's data, compute cost of finished goods in inventory under variable costing. Multiple Choice $1,041,600 $2,604,000 $1,562,400

Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 90,000 units 54,000 units $ 26 per unit $ 28 per unit $ 3 per unit $ 720,000 in total Given Belle Company's data, compute cost of finished goods in inventory under variable costing. Multiple Choice $1,041,600 $2,604,000 $1,562,400

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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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
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Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,700 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $33.70 Direct labor 18.10 Fixed factory overhead 5.10 Variable factory overhead 4.50 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing $fill in the blank 1 Variable costing $fill in the blank 2
A company uses the weighted average method for inventory at the end of the period 20,000 units were in the end he work in process inventory in or 100% complete for materials and 85% complete for conversion the quality cost per unit or materials $2.75 in conversion $2.26 computer cost would be assigned to the end he work in process inventory for the.
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XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,0003; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000 The correct answer is: OMR95,000
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