Reference no: EM132833243
Question - Richetti produces stereo speakers. The selling price per pair of speakers is $1,800. There is no beginning inventory.
Costs involved in production are:
Direct material $161
Direct labor $183
Variable manufacturing overhead $107
Total variable manufacturing costs per unit $451
Fixed manufacturing overhead per year $594,000
In addition, the company has fixed selling and administrative costs:
Fixed selling costs per year $200,500
Fixed administrative costs per year $102,400
During the year, Richetti produces 1,500 pairs of speakers and sells 1,200 pairs.
Required -
1. What is cost of goods sold using full costing?
2. What is cost of goods sold using variable costing?
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