Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 4,700 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $36.30 Direct labor 16.30 Fixed factory overhead 7.10 Variable factory overhead 6.20 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 Variable costing

Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 4,700 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $36.30 Direct labor 16.30 Fixed factory overhead 7.10 Variable factory overhead 6.20 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 Variable costing

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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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Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first year of operations, Barnard Inc., manufactured 3,300 units and sold 2,800 units. The following income statement was prepared, based on the variable costing concept: Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Variable costing Absorption costing $508,200 (77,000) $231,000 72,800 $896,000 (431,200) $464,800 (106,400) $358,400 (303,800) $54,600 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept.
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials Direct labor Fixed factory overhead $26.70 13.20 Variable factory overhead 5.30 4.70 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet 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 Variable costing $
The level of inventory of a manufactured product has increased by 7,949 units during a period. The following data are also available: Variable Fixed Unit manufacturing costs of the period $12.00 $5.00 Unit operating expenses of the period 4.00 4.00 The effect on operating income if variable costing is used rather than absorption costing would be a(n) a.$71,541 decrease b.$39,745 increase c.$39,745 decrease d.$71,541 increase
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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
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $31.10 Direct labor 17.30 Fixed factory overhead 6.60 Variable factory overhead 5.80 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
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,200 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $29.10 Direct labor 16.20 Fixed factory overhead 6.10 Variable factory overhead 5.40 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 Variable costing $
On October 31, the end of the first month of operations, Maryville Equipment Company pre- pared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (220,000 units).... $ 7,920,000 Variable cost of goods sold: Variable cost of goods manufactured . Inventory, October 31 (45,000 units) .. Total variable cost of goods sold... Manufacturing margin....... Variable selling and administrative expenses $ 6,360,000 (1,080,000) (5,280,000) $ 2,640,000 (330,000) $ 2,310,000 Contribution margin... Fixed costs: Fixed manufacturing costs ... Fixed selling and administrative expenses.. $ 530,000 100,000 Total fixed costs.... (630,000) $ 1,680,000 Operating income... Prepare an income statement under absorption costing.
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $40.40 Direct labor 18.70 Fixed factory overhead 5.80 Variable factory overhead 5.10 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
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 4,900 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials Direct labor Fixed factory overhead Variable factory overhead $35.10 20.90 6.70 5.90 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 Variable costing