Columbia Corporation produces a single product. The company's variable costing income statement for November appears...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Columbia Corporation produces a single product. The company's variable costing income statement for November appears below:
| Columbia Corporation | |
|---|---|
| Income Statement | |
| For the Month ended November 30 | |
| Sales ($16 per unit) | $ 665,600 |
| Variable expenses: | |
| Variable cost of goods sold | 332,800 |
| Variable selling expense | 124,800 |
| Total variable expenses | 457,600 |
| Contribution margin | 208,000 |
| Fixed expenses: | |
| Manufacturing | 106,950 |
| Selling and administrative | 71,300 |
| Total fixed expenses | 178,250 |
| Net operating income | $ 29,750 |
During November, 35,650 units were manufactured and 8,710 units were in beginning inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months.
The value of the company's inventory on November 30 under absorption costing would be:
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.