Reference no: EM133074435
Question - The income statement for Muckey Inc. (Muckey) for the month ended April 30, 2021, is as follows:
Sales (112,500 units) $1,462,500
Variable cost of goods sold
Beginning inventory 156,250
Variable manufacturing overhead 500,000
Ending inventory (93,750) 562,500
Variable selling expense 112,500
Contribution margin 787,500
Fixed manufacturing overhead 300,000
Fixed selling expense 112,500
Net income $375,000
Muckey's variable production costs per unit and total fixed costs were consistent with costs in the first quarter of 2021. Muckey manufactured 100,000 units in April 2021.
Required -
a) Calculate Muckey's ending inventory (in dollars) at April 30, 2021, using absorption costing.
b) Calculate Muckey's net income for April 2021 using absorption costing.
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