The counting records for Summit Manufacturing Company disclosed the following cost information for 2024: Direct materials $90,000 Direct labor $120,000 Fixed manufacturing overhead $150,000 Variable manufacturing overhead $30,000 Assume the company produced 15,000 units of inventory, sold 10,000 of these units in 2024 for $350,000, 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? A. $144,000 B. $96,000 C. $120,000 D. $80,000

The counting records for Summit Manufacturing Company disclosed the following cost information for 2024: Direct materials $90,000 Direct labor $120,000 Fixed manufacturing overhead $150,000 Variable manufacturing overhead $30,000 Assume the company produced 15,000 units of inventory, sold 10,000 of these units in 2024 for $350,000, 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? A. $144,000 B. $96,000 C. $120,000 D. $80,000

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 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...

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