Ollie's Olive Oil began business in 2010, during which it produced 104,000 quarts of olive oil. In 2010, the company sold 100,000quarts of olive oil. Costs incurred during the year were as follows: Ingredients used Direct labor Variable overhead Fixed overhead Variable selling expenses $228,800 104,000 197,600 98,800 50,000 Fixed selling and administrative expenses 120,000 Total actual costs $799,200 What was the cost of goods sold for 2010 under absorption costing?

Ollie's Olive Oil began business in 2010, during which it produced 104,000 quarts of olive oil. In 2010, the company sold 100,000quarts of olive oil. Costs incurred during the year were as follows: Ingredients used Direct labor Variable overhead Fixed overhead Variable selling expenses $228,800 104,000 197,600 98,800 50,000 Fixed selling and administrative expenses 120,000 Total actual costs $799,200 What was the cost of goods sold for 2010 under absorption costing?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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