Jones Company incurred the following costs while producing 100 chairs:   Units produced 100 chairs Direct materials     $10 per unit Direct labor 15 per unit Variable manufacturing overhead 3 per unit Total fixed manufacturing overhead 2,000   Variable selling and administrative 4 per unit Fixed selling and administrative 3,000     What is operating income using variable costing if 90 units were sold for $150 each?

Q: I want Explanation of both Questions

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.