The Lucky Ole Sun manufactures dried grapes. The following data are available for the year 2020 Opening stock1,000 units valued at $5000Production5,000 units consisting of:• Direct material @3 per unit• Direct labour @2 per unit• Fixed production cost• Variable selling & dist.cost $1.50 per unit• Fixed selling & dist. cost• Fixed admin expenses$10,000$4,000$3,00The value of closing inventory for The Lucky Ole Sun using the absorption cost approach was:

In this question, we will find out the value of closing inventory for The Lucky ole Sun using the…

The Lucky Ole Sun manufactures dried grapes. The following data are available for the year 2020 Opening stock 1,000 units valued at $5000 Production 5,000 units consisting of: • Direct material @3 per unit • Direct labour • Fixed production cost • Variable selling & dist.cost $1.50 per unit • Fixed selling & dist. cost • Fixed admin expenses @ 2 per unit $10,000 $4,000 $3,00 The value of closing inventory for The Lucky Ole Sun using the absorption cost approach was:

The Lucky Ole Sun manufactures dried grapes. The following data are available for the year 2020 Opening stock 1,000 units valued at $5000 Production 5,000 units consisting of: • Direct material @3 per unit • Direct labour • Fixed production cost • Variable selling & dist.cost $1.50 per unit • Fixed selling & dist. cost • Fixed admin expenses @ 2 per unit $10,000 $4,000 $3,00 The value of closing inventory for The Lucky Ole Sun using the absorption cost approach was:

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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