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Q1) Consider the following information pertaining to a year operations of Youngstown Manufacturing:

Units sold 1,400

Units produced 1,600

Direct labor $4,200

Direct materials used 3,500

Fixed manufacturing overhead 2,200

Variable manufacturing overhead 300

Selling and administrative expenses (all fixed) 700

Beginning inventories 0

Contribution margin 5,600

Direct-material inventory, end 800

There are no work-in-process inventories.

1. Determine the ending finished-goods inventory cost under absorption costing?

2. Compute the ending finished-goods inventory cost under variable costing?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M918961

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