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Question - The following information has been extracted from the financial records of McCain Corporation for its first year of operations in 2021:
Units produced 10,000
Units sold 7,000
Variable costs per unit:
Direct material $8
Direct labor 9
Manufacturing overhead 3
SG&A/unit sold 4
Fixed costs:
Manufacturing overhead ($70,000/10,000) = 7
SG&A
Beginning inventory units (1/1/21) 0
Ending inventory units (12/31/21) 3,000 $30,000
Required -
1. Refer to McCain Corporation. What is the total cost of the ending inventory on the balance sheet under direct costing?
2. Refer to McCain Corporation. What is the total cost of the ending inventory on the balance sheet under absorption costing?
3. Refer to McCain Corporation. What is the net income under absorption costing?
4. Refer to McCain Corporation. What is the net income under direct costing?
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