Reference no: EM13940581
During 2007, its first year of operations, ABC Company produced 20,000 units and sold 10,000 units. During 2008, ABC Company produced 25,000 units and sold 30,000 units.
The following information was taken from ABC's accounting records for 2007 and 2008:
2007 2008
Direct materials cost per unit .................... $15 $19
Direct labor cost per unit ........................... $20 $25
Variable overhead cost per unit ................ $10 $12
Variable selling & administrative cost per unit .... $5 $5
Fixed overhead (total cost) ....................... $100,000 $180,000
Fixed selling & administrative (total cost) ....... $120,000 $140,000
Assume the selling price of ABC Company's product was $80 per unit for both years.
a) Calculate the dollar amount of ABC Company's finished goods inventory that would appear on the December 31, 2007, balance sheet using variable costing.
b) Calculate ABC Company's 2008 net income using variable costing. Assume ABC Company employs
a FIFO inventory cost flows assumption.
c) Calculate ABC Company's 2007 net income using absorption costing.
d) Calculate ABC Company's 2008 cost of goods sold using absorption costing. Assume ABC Company employs an LIFO inventory cost flow assumption
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