The accounting records for Brighton Manufacturing Company disclosed the following cost information for 2023: Cost Category Direct materials Direct labor Fixed manufacturing overhead Amount $72,000 $90,000 $120,000 Variable manufacturing overhead $28,000 Assume the company produced 12,000 units of inventory, sold 8,000 of these units in 2023 for $240,000, and that there was no beginning finished goods inventory. What amount of ending finished goods inventory will be reported on the balance sheet under variable costing?

The accounting records for Brighton Manufacturing Company disclosed the following cost information for 2023: Cost Category Direct materials Direct labor Fixed manufacturing overhead Amount $72,000 $90,000 $120,000 Variable manufacturing overhead $28,000 Assume the company produced 12,000 units of inventory, sold 8,000 of these units in 2023 for $240,000, and that there was no beginning finished goods inventory. What amount of ending finished goods inventory will be reported on the balance sheet under variable 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 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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