Answer: None of the answer choices would be in inventory in variable costing
Explanation:
In Variable costing,
Would be included in the inventory.
Therefore, None of the answer choices would be included in inventory
Thus, Option-ii is correct and remaining options are incorrect.
CH5 KB. In variable costing, which of the following would be included in inventory? Fixed selling...
Under absorption costing, which of the following costs would not be included in finished goods inventory? direct materials cost variable and fixed factory overhead cost direct labor cost variable and fixed selling and administrative expenses
21. Under variable costing, which of the following costs would be included in finished goods inventory? a.wages of carpenters in a furniture factory b.straight-line depreciation on factory equipment c.salary of vice-president of finance d.salary of salesperson 22. A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (10,000 units): Direct materials $170,000 Direct labor 360,000 Variable factory overhead 190,000 Fixed factory overhead 50,000 $770,000 Operating expenses: Variable operating expenses $ 60,000 Fixed...
If the variable costing concept is followed, which of the following costs would be included as part of the cost of product manufactured? (1) Depreciation on plant; (2) Direct labor; (3) Direct materials; (4) Property taxes on plant; (5) Insurance on plant; (6) Electricity purchased to operate machinery.
Consider the following statements about variable costing. Which of the following are true? The accounting standards do not permit variable costing to be used for internal reporting (i.e., reports that are circulated only amongst employees who work for a particular organisation) Variable costing treats all variable costs (i.e., variable manufacturing and variable non-manufacturing costs) as inventoriable costs By lowering production of output (while holding the output price, volume sold and fixed cost constant), an organization that uses variable costing will...
Which of the following costs are included in inventory cost under international accounting standards? a. Storage costs of goods by a retailer b. Selling expenses c. Variable overhead costs of a manufacturer. d. Salary of accounting clerk that monitors inventory levels. e. All of the above are included in inventory cost. f. None of the above is included in inventory cost.
Fixed Manufacturing overhead
Fixed Selling and administrative expense
sales
Units in Beginning inventory
Units produced
Units Sold
Variable Cost of Goods Sold
variable selling and administrative expense
Ida Sidha Karya Company is a family-owned company located on the Island of Ball In Indonesia. The company produces a handcrafted Balinese musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: 3.07 points Skipped 246 40...
Advocates of throughput costing maintain that ________. A) both variable and fixed are necessary to produce goods; therefore, both types of costs should be inventoried B) all manufacturing costs plus some design costs should be inventoried C) fixed manufacturing costs are related to the capacity to produce rather than to the actual production of specific units D) except direct labor no other costs are truly variable in output Tall Statues Inc., produces wood statues. Management has provided the following information:...
Question 1 of 1010.0 Points If the variable costing concept is followed, which of the following costs would be included as part of the cost of product manufactured? (1) Depreciation on plant; (2) Direct labor; (3) Direct materials; (4) Property taxes on plant; (5) Insurance on plant; (6) Electricity purchased to operate machinery. A. 1, 2, 3 would be included. B. 2, 3, 5, and 6 would be included. C. Only 2, 3, and 6 would be included. Question...
Income statements under absorption costing and variable costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (3,500 units) $2,590,000 Production costs (4,000 units): Direct materials $1,272,800 Direct labor 547,200 Variable factory overhead 89,200 Fixed factory overhead 140,000 2,049,200 Selling and administrative expenses: Variable selling and administrative expenses $63,500 Fixed selling and administrative expenses...
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,900 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $34.70 Direct labor 20.50 Fixed factory overhead 6.20 Variable factory overhead 5.50 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costings Variable costing $ Feedback...