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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 ending finished goods inventory using variable costing. Cost per unit of finished goods using: Variable costing Total product cost per unit Number of units in finished goods Cost of ending finished goods inventory

[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 ending finished goods inventory using variable costing. Cost per unit of finished goods using: Variable costing Total product cost per unit Number of units in finished goods Cost of ending finished goods inventory

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 Required 3 Determine the cost of ending finished goods inventory using variable costing. Variable costing Cost per unit of finished goods using: Total product cost per unit Number of units in finished goods Cost of ending finished goods inventory
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 Required 3 Determine the cost of ending finished goods inventory using variable costing. Variable costing Cost per unit of finished goods using: Total product cost per unit Number of units in finished goods Cost of ending finished goods inventory
Trio Company reports the following information for its first year of operations. $ 14 per unit $ 18 per unit 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. $5 per unit $ 347, 650 per year 20, 450 units 17,500 units 2,950 units Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit Variable costing per unit
Transcribed Image Text:Trio Company reports the following information for its first year of operations. $ 14 per unit $ 18 per unit 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. $5 per unit $ 347, 650 per year 20, 450 units 17,500 units 2,950 units Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit Variable costing per unit
Expert Solution
Step 1

Variable Costing Method :— Under this method, product cost includes only variable manufacturing cost. 

 

Fixed Manufacturing Cost is not part of product cost. 

 

Variable Cost :— It is the cost that changes with change in units. 

Example — Direct Material, direct labour, variable manufacturing overhead, variable selling overhead, etc. 

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