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Question - Peterson Corporation produces a single product. The company had no beginning inventory and they produced 70,000 units during 2021 and sold 60,000 units. The operating data for 2021 follow:
Sales $1,380,000
Manufacturing costs:
Direct Materials 294,000
Direct Labor 182,000
Variable manufacturing overhead 273,000
Fixed manufacturing overhead 150,500
Selling & Administrative expenses:
Fixed 140,000
Variable 258,000
Required -
A) Calculate the value of the ending finished goods inventory under variable costing.
B) Calculate the amount of net income under variable costing.
C) Calculate the amount of net income under absorption coating.
D) Explain in detail why the net income differs under the two accounting methods.
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