Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, the number of units and the unit manufacturing costs were as follows: DATA Units in the finished goods inventory Direct materials Direct labor Fixed factory overhead Variable factory overhead REQUIRED: 5,000 $26.70 13.20 5.30 4.70 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. Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells show in the orange cells. Transfer amounts to CNOWv2 for grading. Absorption costing Variable costing Cost of Finished Goods Formulas

Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, the number of units and the unit manufacturing costs were as follows: DATA Units in the finished goods inventory Direct materials Direct labor Fixed factory overhead Variable factory overhead REQUIRED: 5,000 $26.70 13.20 5.30 4.70 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. Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells show in the orange cells. Transfer amounts to CNOWv2 for grading. Absorption costing Variable costing Cost of Finished Goods Formulas

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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Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)
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
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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
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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