Reference no: EM133088590
Question - Smith Company has the following results for a certain year. All variances are written off as additions to {or deductions from) the standard cost of goods sold.
Sales: 150,000 units, at $20 $3,000,000
Net variance for standard variable manufacturing costs $33,000 unfavorable
Variable standard cost of goods manufactured $11 per unit
Variable selling and administrative expenses $3 per unit
Fixed selling and administrative expenses $650,000
Fixed manufacturing overhead $165,000
Maximum capacity per year 190,000 units
Expected production volume for year 150,000 units
Beginning inventory of finished goods 15,000 units
Ending inventory of finished goods 10,000 units
Required -
1. What is Beginning inventory: Absorption-costing basis?
2. What is Gross margin?
3. What is Operating income: Absorption-costing basis?
4. What is Beginning inventory: Variable-costing basis?
5. What is Contribution margin?
6. What is Operating income: Variable-costing basis?
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