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Exercise 2) Elmer's Electronics has the following information for the first three years of business: 2019 10,000 2020 11,000 Units sold Units produced Fixed production costs Variable production costs per unit Selling price per unit Fixed selling & administrative expense 2021 12,000 8,000 S600,000 S 100 $ 20 S200,000 25,000 $600,000 $ 100 $ 200 $200,000 3,000 S600,000 S 100 $ 210 $200,000 Calculate income under both full costing and variable costing. What is the cost of ending inventory under full costing and under variable costing (assume FIFO)?

Exercise 2) Elmer's Electronics has the following information for the first three years of business: 2019 10,000 2020 11,000 Units sold Units produced Fixed production costs Variable production costs per unit Selling price per unit Fixed selling & administrative expense 2021 12,000 8,000 S600,000 S 100 $ 20 S200,000 25,000 $600,000 $ 100 $ 200 $200,000 3,000 S600,000 S 100 $ 210 $200,000 Calculate income under both full costing and variable costing. What is the cost of ending inventory under full costing and under variable costing (assume FIFO)?

FINANCIAL ACCOUNTING
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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Exercise 2) Elmer's Electronics has the following information for the first three years of business: 2019 10,000 25,000 $600,000 $ 100 $ 200 $200,000 2020 11,000 3,000 S600,000 2021 12,000 8,000 S600,000 S 100 S 220 $200,000 Units sold Units produced Fixed production costs Variable production costs per unit Selling price per unit Fixed selling & administrative expense 100 $ 210 $200,000 Calculate income under both full costing and variable costing. What is the cost of ending inventory under full costing and under variable costing (assume FIFO)?
Transcribed Image Text:Exercise 2) Elmer's Electronics has the following information for the first three years of business: 2019 10,000 25,000 $600,000 $ 100 $ 200 $200,000 2020 11,000 3,000 S600,000 2021 12,000 8,000 S600,000 S 100 S 220 $200,000 Units sold Units produced Fixed production costs Variable production costs per unit Selling price per unit Fixed selling & administrative expense 100 $ 210 $200,000 Calculate income under both full costing and variable costing. What is the cost of ending inventory under full costing and under variable costing (assume FIFO)?
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