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Consider the following information pertaining to a year's operations of Youngstown Manufacturing:
Units sold 1,400 Units produced 1,600 Direct labor $4,200 Direct materials used 3,500 Fixed manufacturing overhead 2,200 Variable manufacturing overhead 300 Selling and administrative expenses (all fixed) 700 Beginning inventories 0 Contribution margin 5,600 Direct-material inventory, end 800 There are no work-in-process inventories. 1. What is the ending finished-goods inventory cost under absorption costing? 2. What is the ending finished-goods inventory cost under variable costing? Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000 1. Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.) 2. Assume that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and the firm uses a "full absorption" approach to product costing. Compute (a) the cost assigned to December 31, 20X7, inventory; and (b) operating income for the year ended December 31, 20X7.
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