Homework Answers
Note : As HOMEWORKLIB Honor code one question is asked at a time if more than one question is asked only one question is answered so here question no. 3 is answered. For answer of other question please post them separately hope you understand
Inventory valuation under variable costing
Answer 1. Units in ending inventory = 2600 units
Calculated as
Ending inventory = Beginning inventory + produced - sold
= 15000+300-12700
= 2600 units
Answer 2.Per unit product cost = $92
Calculated as
Under variable costing only variable costs are considered as product cost and fixed costs are considered as period cost so no fixed cost is considered for calculation of product cost under variable costing
Product cost under variable costing = Direct material + direct labor + variable overhead
= $20+$60+$12
= $92
Answer 3 Value of ending inventory = $239200
Calculated as
Value of ending inventory = 2600 units x $92
= $239200
Add Answer to:
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During the most recent year, Osterman Company had the following
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Units in beginning inventory
—
Units produced
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Units sold ($47 per unit)
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Variable costs per unit:
Direct materials
$9
Direct labor
$6
Variable overhead
$4
Fixed costs:
Fixed overhead per unit produced
$5
Fixed selling and administrative
$138,000
Required:
1. Calculate the cost of goods sold under
absorption costing.
$
2. Prepare an income statement using absorption
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#1
#2
Absorption-Costing Income Statement
During the most recent year, Osterman Company had the following
data:
Units in beginning inventory
—
Units produced
10,000
Units sold ($47 per unit)
9,300
Variable costs per unit:
Direct materials
$9
Direct labor
$6
Variable overhead
$4
Fixed costs:
Fixed overhead per unit produced
$5
Fixed selling and administrative
$138,000
Required:
1. Calculate the cost of goods sold under
absorption costing.
$
2. Prepare an income statement using absorption
costing. Enter amounts as positive...
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