general account Octagonal Company has the following information for 2018:Selling priceVariable production costs$150 per unit$40 per unit producedVariable selling and admin. expenses$16 per unit soldFixed production costs$ 2,00,000Fixed selling and admin. expenses$ 1,40,000Units produced10,000 unitsUnits sold8,000 unitsThere were no beginning inventories. What is the cost ofending inventory for Octagonal using the variable costingmethod?

First, determine the number of units left Ending inventory (units) = units produced - units sold=…

Answered: Octagonal Company has the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 1PA: When prices are rising (inflation), which costing method would produce the highest value for gross...

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Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
When prices are falling (deflation), which costing method would produce the highest gross margin for the following? Choose first-in, first-out (FIFO); last-in, first-out (LIFO); or weighted average, assuming that B62 Company had the following transactions for the month. Calculate the gross margin for each of the following cost allocation methods, assuming B62 sold just one unit of these goods for $400. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
1. What is the value of ending inventory using the variable costing method?
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What is the value of ending inventory using the variable costing method? General accounting
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation.
Value of the ending inventory under variable costing would be?
What is the value of ending inventory using the variable costing method?
The carrying value of ending inventory under variable costing would be: present as is if higher or present it in comma if it is less ex: (200) Under absorption costing, the cost of goods sold would be:
Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following calculations of the gross profit for the first quarter: Alternative Sales ($50 per unit) Cost of Goods Sold Gross Profit A $500,000 $200,000 $300,000 B 500,000 228,000 272,000 C 500,000 213,333 286,667 The three alternative cost flow assumptions are FIFO, average, and LIFO (the alternatives are not necessarily presented in this sequence). Lee uses the periodic inventory system. The computation of the cost of goods sold under each alternative is based on the following data: Units Cost/Unit Inventory, January 1 12,000 $20 Purchase, January 10 4,000 21 Purchase, February 15 6,000 22 Purchase, March 10 8,000 23 1. Prepare schedules proving the cost of goods sold shown here under each of the three alternatives. For average cost. LEE COMPANY Schedules of Cost of Goods Sold For First Quarter Ended March 31 FIFO LIFO Average Beginning…
What is the value of the ending inventory

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