Stone Industries gathered the following information for the year ended June 30, 20X5 Units produced17,000 units Units sold15,600 units Direct labour$27,350 Direct materials used$63,200 Fixed selling & administrative expenses$25,500 Variable selling & administrative expenses$29,000 Fixed manufacturing overhead$31,450 Variable manufacturing overhead36950 Beginning Inventorynone Ending inventorynone Calculate the value of ending inventory using: a. Total costing b. Direct costing

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Answered: Stone Industries gathered the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Stone Industries gathered the following information for the year ended June 30, 20X5

Units produced	17,000 units
Units sold	15,600 units
Direct labour	$27,350
Direct materials used	$63,200
Fixed selling & administrative expenses	$25,500
Variable selling & administrative expenses	$29,000
Fixed manufacturing overhead	$31,450
Variable manufacturing overhead	36950
Beginning Inventory	none
Ending inventory	none


Calculate the value of ending inventory using:
a. Total costing
b. Direct costing

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