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Kirk company gathered the subsequent information for the

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Reference no: EM13351931

Kirk Company gathered the subsequent information for the year ended 31st December, 2015:

Units produced 45,000

Units expected to be produced 45,000

Units sold 43,200

Direct labor $137,200

Direct materials used $126,400

Fixed selling and administrative expenses $51,000

Variable selling and administrative expenses $58,000

Fixed manufacturing overhead $83,250

Variable manufacturing overhead $73,900

Gross margin $171,200

Direct materials inventory, 31st December, 2015 0

Direct materials inventory, 31st December, 2014 0

Work-in-process inventory, 31st December, 2015 0

Work-in-process inventory, 31st December, 2014 0

Finished goods inventory, 31st December, 2014 0

Required:

A) Under absorption costing, evaluate the cost of the finished goods inventory on 31st December, 2015

B) Under variable costing, evaluate the cost of the finished goods inventory on 31st December, 2015

Reference no: EM13351931

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