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Determine the cost of the finished goods inventory reported

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Reference no: EM13600945

At the end of the first year of operations, 2,700 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

  • Direct materials $24.00
  • Direct labor 11.60
  • Fixed factory overhead cost 3.90
  • Variable factory overhead cost 3.15

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

Reference no: EM13600945

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