Advanced Company reports the following information for the
current year. All beginning inventory amounts equaled $0 this
year.
Units produced this year | 42,000 | units | |
Units sold this year | 25,200 | units | |
Direct materials | $ | 26 | per unit |
Direct labor | $ | 28 | per unit |
Variable overhead | $ | 126,000 | in total |
Fixed overhead | $ | 210,000 | in total |
Given Advanced Company's data, and the knowledge that the product is sold for $82 per unit and operating expenses are $370,000, compute the net income under absorption costing.
Multiple Choice
$335,160
$134,000
$50,000
$84,000
$260,000
Cost per unit = 26 + 28 + (126,000/42,000) + (210,000/42,000)
= 62 per unit
Gross profit = Sales - Cost of Goods Sold
= (82*25,200) - (62*25,200)
= 504,000
Net income = 504,000 - 370,000 = 134,000
Option B is the answer
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