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The following information is available for Barnes Company for the fiscal year ended December 31 Beginning finished goods inve
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Answer #1
Under variable costing, product cost does not include any fixed cost hence
inventory would include material and variable conversion cost only.
Material Cost $   1,48,000
Variable conversion cost $       74,000
Total $   2,22,000
Total Units Produced 7400
Unit Cost $               30
Closing Inventory $       63,000
($30*(7400-5300)
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