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During the most recent year, ABC Corp. had the following data: ...

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Question

Accounting

During the most recent year, ABC Corp. had the following data:

Beginning inventory in units

-

Units produced

16,000

Units sold ($125 per unit)

15,000

Variable costs per unit:

Direct materials

$ 10

Direct labor

$ 18

Variable overhead

$ 6

Fixed costs:

Fixed overhead per unit produced

$ 25

Fixed selling and administrative

$ 200,000

Required:

A. How many units are in ending inventory?

B. Using absorption costing, calculate the per-unit product cost. What is the value of ending inventory?

C. Using variable costing, calculate the per-unit product cost. What is the value of ending inventory?

D. Prepare an income statement using absorption costing.

E. Prepare an income statement using variable costing.

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