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Determine value of the ending inventory of finished goods

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Question - Company X reports the following data at the end of its first fiscal year:

Raw materials used $32,000

Direct labor $20,000

Variable FIF $12,000

Fixed FIF $16,000

Variable operating expenses $4,000

Final finished goods inventory 600 units

Sales ($45/unit) $63,000

1. Under the variable cost method, determine the value of the ending inventory of finished goods?

2. Under the full cost method, determine the net profit?

Reference no: EM133076755

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