Please do not give solution in image format thanku During its first year of operations, theMcCormick Company incurred the followingmanufacturing costs: Direct materials, $7 perunit, Direct labor, $5 per unit, Variable overhead,$6 per unit, and Fixed overhead, $279,000. Thecompany produced 31,000 units, and sold20,500 units, leaving 10,500 units in inventory atyear-end. What is the value of ending inventoryunder variable costing? Multiple Choice$283,500 $279,000 $189,000 $94,500

Lets understand the basics.There are two costing system are followed which are,(1) Variable…

Answered: During its first year of operations,…

During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $7 per unit, Direct labor, $5 per unit, Variable overhea

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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Question

Please do not give solution in image format thanku

During its first year of operations, the
McCormick Company incurred the following
manufacturing costs: Direct materials, $7 per
unit, Direct labor, $5 per unit, Variable overhead,
$6 per unit, and Fixed overhead, $279,000. The
company produced 31,000 units, and sold
20,500 units, leaving 10,500 units in inventory at
year-end. What is the value of ending inventory
under variable costing? Multiple Choice
$283,500 $279,000 $189,000 $94,500

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