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Question - Jake Ltd makes and sells a single product X. The following information for the quarter ended March 2023 is available:
January
February
March
Units Produced
900
875
Units Sold
650
825
850
The various costs per unit of X based on budgeted production and sales of 1,000 units per month is provided below.
Product
X
$per unit
Seling price per unit
400
Variable costs per unit
Direct Material
30
Direct Labour
40
Manufacturing Overhead
Selling and distribution
10
Budgeted Fixed costs per month
150,000
50,000
There were no beginning inventories in January and the actual fixed costs were as budgeted. Selling price and all other costs were stable throughout the quarter. What was the closing inventory valuation in February based on absorption costing principles?
A. $72,000
B. $87,000
C. $75,000
D. $27,000
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