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problem: Variable & Absorption Costing

Chan Manufacturing Company data for 20X7 follow:

Sales: 12,000 units at $17 each

Actual production 15,000 units

Fixed 63,000

Nonmanufacturing costs incurred

Expected volume of production 18,000 units

Manufacturing costs incurred

Variable $120,000

Variable $ 24,000

Fixed 18,000

[A] find out operating income for 20X7, suppose the company uses the variable-costing approach to product costing. [Do not make a statement.]

[B] Suppose that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and the firm uses a "full absorption" approach to product costing. find out [A] the cost assigned to December 31, 20X7, inventory; & [B] operating income for the year ended December 31, 20X7.

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