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[The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. $ 14 per unit $ 18 per unit $5 per unit $ 347,650 per year 20, 450 units 17,500 units 2,950 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of goods sold using variable costing. Cost per unit of goods sold using: Total product cost per unit Number of units sold Cost of sold goods Variable costing

[The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. $ 14 per unit $ 18 per unit $5 per unit $ 347,650 per year 20, 450 units 17,500 units 2,950 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of goods sold using variable costing. Cost per unit of goods sold using: Total product cost per unit Number of units sold Cost of sold goods Variable costing

FINANCIAL ACCOUNTING
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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[The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. $ 14 per unit $ 18 per unit $5 per unit $ 347, 650 per year 20, 450 units 17, 500 units 2,950 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the cost of goods sold using variable costing. Cost per unit of goods sold using: Total product cost per unit Number of units sold Cost of sold goods Required 3 Variable costing
Transcribed Image Text:[The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. $ 14 per unit $ 18 per unit $5 per unit $ 347, 650 per year 20, 450 units 17, 500 units 2,950 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the cost of goods sold using variable costing. Cost per unit of goods sold using: Total product cost per unit Number of units sold Cost of sold goods Required 3 Variable costing
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Marginal costing method: It is also called the Variable costing method. In this method, all the variable costs are assigned to calculate the product costs. fixed costs are expenses as period costs in this method.

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