Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in the current year, tgit corp. produced 10,000 un

In the current year, TGIT Corp. produced 10,000 units and sold 8,000 of the units....

80.2K

Verified Solution

Question

Accounting

imageimage

In the current year, TGIT Corp. produced 10,000 units and sold 8,000 of the units. The company incurred the following costs: Direct materials used Direct labour cost Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and admin. expense Variable selling and admin. expense $120,000 68,000 40,000 60,000 45,000 36,000 There was no beginning finished goods inventory and no beginning or ending work-in-process inventory Use the information provided to answer the following questions: aa) Without doing any calculations, would net income be higher for the year under absorption costing or under variable costing? a) What is the product cost per unit? Under variable costing? per unit Under absorption costing? per unit b) Would net income be higher for the year under absorption costing or under variable costing? And by what amount? c) Would both of your answers in b) be the same if you were told that on January 1, TGIT had 1,000 units in finished goods inventory with the same cost per unit

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Chemistry
1.2K views

the heat of fusion of ice is 6.00 kj/mol. what number of photons of wavelength =...

Biology
1.2K views

Answer all three 1. Identify two traits shared by members of the phyla Echinodermata and Chordata not...

Physics
1.2K views

Describe the working principle of a Silicon Solar Cell. a) How the solar cell generates electricity?...

General Management
1.2K views

Employees at [CSA], an Australian bank, HQ located in Sydney, NSW have been concerned about their...

Physics
1.2K views

When displacement of a particle executing SHM is one fourth of its amplitude Chen what...

Geometry
1.2K views

Find the height of the figure below with the given volume in Simplify your answer...

Basic Math
1.2K views

According to recent research, 41% of Americans have less than $375 in the bank for...

Algebra
1.2K views

Determine the cardinal number of the set X 2 3 4 6 7 9 13...

Accounting
1.2K views

Sheridan Inc. had net income for the current year ending December 31, 2020 of $912,320....

Accounting
1.2K views

The following transactions were completed by the company. a. The owner invested $15,400 cash in...

Accounting
1.2K views

Until the end of year 0, Magic Carpets (MC) was a C corporation with a...

Accounting
1.2K views

le classify each of the following by in Term are of each (11) date of...