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Determine the cost of the finished goods inventory

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Reference no: EM132763823

Problem - Inventory valuation under absorption costing and variable costing - At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials $30

Direct labor 18

Fixed factory overhead 22

Variable factory overhead 14

Required -

1. Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept.

2. Determine the cost of the finished goods inventory reported on the balance sheet under (b) the variable costing concept.

Reference no: EM132763823

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