da Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $870. Selected data for the company's operations last year follow. Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: 0 260 230 30 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 105 $325 $ 45 $ 15 Fixed manufacturing overhead $ 65,000 Fixed selling and administrative $ 21,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 200,100 166,750 33,350 24,450 $ 8,900 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing.

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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.