FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 105,000 units Units sold this year 63,000 units Direct materials $ 29 per unit Direct labor $ 31 per unit Variable overhead $ 3 per unit Fixed overhead $ 918,750 in total Belle Company's product is sold for $89 per unit a Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $370,000 per year. Compute the net income under variable costing.arrow_forwardInventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,700 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $33.70 Direct labor 18.10 Fixed factory overhead 5.10 Variable factory overhead 4.50 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing $fill in the blank 1 Variable costing $fill in the blank 2arrow_forwardA company uses the weighted average method for inventory at the end of the period 20,000 units were in the end he work in process inventory in or 100% complete for materials and 85% complete for conversion the quality cost per unit or materials $2.75 in conversion $2.26 computer cost would be assigned to the end he work in process inventory for the.arrow_forward
- Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $31.10 Direct labor 17.30 Fixed factory overhead 6.60 Variable factory overhead 5.80 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing $fill in the blank 1 Variable costing $fill in the blank 2arrow_forwardInventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,200 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $29.10 Direct labor 16.20 Fixed factory overhead 6.10 Variable factory overhead 5.40 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing Variable costing $arrow_forwardInventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $40.40 Direct labor 18.70 Fixed factory overhead 5.80 Variable factory overhead 5.10 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing $fill in the blank 1 Variable costing $fill in the blank 2arrow_forward
- Subject: accountingarrow_forwardA production department's beginning inventory cost includes $490,000 of conversion costs. This department incurs an additional $1,037,500 in conversion costs in the month of March. Equivalent units of production for conversion total 925,000 for March. Calculate the cost per equivalent unit of conversion using the weighted-average method. Cost per equivalent unit of conversion Choose Numerator Choose Denominator Cost per equivalent unit of productionarrow_forwardTrio Company reports the following information for the current year, which is its first year of operations. Direct materials $ 14 per unit Direct labor $ 19 per unit Overhead costs for the year Variable overhead $ 2 per unit Fixed overhead $ 100,000 per year Units produced this year 25,000 units Units sold this year 19,000 units Ending finished goods inventory in units 6,000 unitsarrow_forward
- The following data relates to Alpha Company. Units in beginning inventory — Units produced 25,000 Units sold ($250 per unit) 21,000 Variable costs per unit: Direct materials $35 Direct labor 60 Variable overhead 25 Fixed costs: Fixed overhead per unit produced $50 Fixed selling and administrative expenses 160,000 Determine the value of ending inventory under variable costing.arrow_forwardInventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $29.80 Direct labor 17.80 Fixed factory overhead 5.80 Variable factory overhead 5.10 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing Variable costingarrow_forwardInventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 4,900 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials Direct labor Fixed factory overhead Variable factory overhead $35.10 20.90 6.70 5.90 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing Variable costingarrow_forward
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