Please do not give solution in image format thanku Unit Costs, Inventory Valuation, Variable and Absorption CostingSnyder Company produced 82,600 units during its first year of operations and sold 80,700 at $22.07 per unit. The company chose practical activity-at 82,600 units-to compute its predetermined overhead rate.Manufacturing costs are as follows:Direct materialsDirect laborExpected and actual variable overheadExpected and actual fixed overheadRequired:Unit Cost$485,688Cost of finished goods inventory110,684325,444If required, round unit cost answers to the nearest cent.1. Calculate the unit cost and the cost of finished goods inventory under absorption costing.Unit CostCost of finished goods inventory2. Calculate the unit cost and the cost of finished goods inventory under variable costing.422,086 2. Calculate the unit cost and the cost of finished goods inventory under variable costing.Unit CostCost of finished goods inventory3. What is the dollar amount that would be used to report the cost of finished goods inventory to external parties?$Why?

Variable costs are costs that varies with the change in the level of output whereas fixed costs are…

Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 82,600 units during its first year of operations and sold 80,700 at $22.07 per unit. The company chose practical activity-at 82,600 units-to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials Direct labor Expected and actual variable overhead Expected and actual fixed overhead Required: If required, round unit cost answers to the nearest cent. 1. Calculate the unit cost and the cost of finished goods inventory under absorption costing. Unit Cost $485,688 110,684 325,444 422,086 Cost of finished goods inventory 2. Calculate the unit cost and the cost of finished goods inventory under variable costing. Unit Cost Cost of finished goods inventory

Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 82,600 units during its first year of operations and sold 80,700 at $22.07 per unit. The company chose practical activity-at 82,600 units-to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials Direct labor Expected and actual variable overhead Expected and actual fixed overhead Required: If required, round unit cost answers to the nearest cent. 1. Calculate the unit cost and the cost of finished goods inventory under absorption costing. Unit Cost $485,688 110,684 325,444 422,086 Cost of finished goods inventory 2. Calculate the unit cost and the cost of finished goods inventory under variable costing. Unit Cost Cost of finished goods inventory

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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