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Determine how much of the ending inventory consists

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Reference no: EM131754396

Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $990. Selected data for the company's operations last year follow:

Units in beginning inventory

  

0

Units produced

  

240

Units sold

  

225

Units in ending inventory

  

15

Variable costs per unit:

    

Direct materials

$

120

Direct labor

$

330

Variable manufacturing overhead

$

50

Variable selling and administrative

$

25

Fixed costs:

    

Fixed manufacturing overhead

$

72,000

Fixed selling and administrative

$

27,000

The absorption costing income statement prepared by the company's accountant for last year appears below:

Sales

$

222,750

Cost of goods sold

  

180,000

Gross margin

  

42,750

Selling and administrative expense

  

32,625

Net operating income

$

10,125

Required:

  • Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to the next period.
  • Prepare an income statement for the year using variable costing.

Reference no: EM131754396

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