Define difference between units produced and units sold

Reference no: EM131821998

Question: Comparisons over Four Years The Garrard Corporation began business on January 1, 20X0, to produce and sell a single product. Reported operating income figures under both absorption and variable costing for the fi rst 4 years of operation are as follows:

Standard production costs per unit, sales prices, application (absorption) rates, and expected volume levels were the same in each year. There were no flexible-budget variances for any type of cost. All nonmanufacturing expenses were fixed, and there were no nonmanufacturing cost variances in any year.

1. In what year(s) did "units produced" equal "units sold"?

2. In what year(s) did "units produced" exceed "units sold"?

3. What is the dollar amount of the December 31, 20X3, finished-goods inventory? (Give absorption-costing value.)

4. What is the difference between "units produced" and "units sold" in 20X3 if you know that the absorption-costing fixed-manufacturing overhead application rate is $4 per unit? (Give answer in units.)

Reference no: EM131821998

Questions Cloud

Bank is an example of financial intermediary : A bank is an example of a financial intermediary. Explain the role of financial intermediaries and their usefulness to the private investor.

Find the equilibrium price and quantity : The demand and supply function for a commodity are P =100 - 2Q and P = 10 + Q, respectively. (a) Find the equilibrium price and quantity.

Prepare a statement of activities for mercy hospital : Board designated funds earned $82,000 in income. Prepare a statement of activities for Mercy Hospital for the yearended December 31, 2012.

Apply economic principles or theory : explain the concept of a stable economic equilibrium and provide your assessment of whether or not the US economy, the Australian economy

Define difference between units produced and units sold : What is the difference between "units produced" and "units sold" in 20X3 if you know that the absorption-costing fixed-manufacturing overhead application rate.

What is the relative frequency of spades : What is the relative frequency of spades rounded to two decimal places dealt to player A.

Prepare un presupuesto de cash receipts para el ano : El 40% de las ventas de la empresa son en efectivo. De las ventas a credito. Prepare un presupuesto de cash receipts para el ano 2016.

Point estimate for the proportion of children : What is the point estimate for the proportion of children who love the winter holiday season? What is the point estimate for the proportion of adults.

Computing the operating income for the year ended : Determine operating income for 20X0, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)

User Account

All Pages