Steering Manufacturing produces snow shovels. The selling price per snow shovel is $29.00. There is no beginning inventory. Costs involved in production are: Direct material $5.00 Direct labor 3.00 Variable manufacturing overhead 2.00 Total variable manufacturing costs per unit $10.00 Fixed manufacturing overhead per year $223,100 In addition, the company has fixed selling and administrative costs of $155,200 per year. During the year, Steering produces 48,500 snow shovels and sells 43,490 snow shovels What is the value of ending inventory using full costing?
Steering Manufacturing produces snow shovels. The selling price per snow shovel is $29.00. There is no beginning inventory. Costs involved in production are: Direct material $5.00 Direct labor 3.00 Variable manufacturing overhead 2.00 Total variable manufacturing costs per unit $10.00 Fixed manufacturing overhead per year $223,100 In addition, the company has fixed selling and administrative costs of $155,200 per year. During the year, Steering produces 48,500 snow shovels and sells 43,490 snow shovels What is the value of ending inventory using full costing?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Steering Manufacturing produces snow shovels. The selling price per snow shovel is $29.00. There is no beginning inventory.
Costs involved in production are:
Direct material $5.00 Direct labor 3.00 Variable manufacturing
Total variable
Fixed manufacturing overhead per year $223,100 In addition, the company has fixed selling and administrative costs of $155,200 per year.
During the year, Steering produces 48,500 snow shovels and sells 43,490 snow shovels
What is the value of ending inventory using full costing?
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