Complete the table for absorption and variable costing

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Reference no: EM132748141

Question - Natural Looks and Scents manufactures beauty supplies. The information for the current year is listed below.

2020

Selling price per package $50

Sales 130,000

Beginning inventory 20,000

Production 120,000

Ending Inventory ?

Standard variable cost per Unit for the current year is given below

Direct material $15.50

Labour 13.50

Overhead 5.00

Variable selling and admin 0.80

Annual fixed cost for current year actual and budgeted were:

Production $357,500

Selling and administration 120,000

The fixed overhead rate under absorption costing is based on a practical capacity of 130,000 units per year. All variances and under or overapplied overhead are written off to cost of goods sold.

Required - Complete the table for absorption costing and variable costing?

Reference no: EM132748141

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