Kilko Company has the following costs associated with its production and sales. Beginning Inventory Units Produced Units Sold Selling Price per Unit Variable Selling Expense Fixed Selling Expense Direct Material Cost Direct Labor Cost Variable Mfg. Overhead Fixed Mfg. Overhead n/a 64,250 60,950 28.75 2.35 75,600 5.25 15.00 3.00 88,665 Prepare a Variable Income Statement as of December 31, 2022. (round to (2) two decimal places) $ $ $ $ $ $

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.