Krepps Corporation produces a single product. Last year, Krepps manufactured 34,060 units and sold 28,600...
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Accounting
Krepps Corporation produces a single product. Last year, Krepps manufactured 34,060 units and sold 28,600 units. Production costs for the year were as follows:
| Direct materials | $ | 255,450 | |
| Direct labor | $ | 173,706 | |
| Variable manufacturing overhead | $ | 269,074 | |
| Fixed manufacturing overhead | $ | 510,900 | |
Sales totaled $1,172,600 for the year, variable selling and administrative expenses totaled $148,720, and fixed selling and administrative expenses totaled $214,578. There was no beginning inventory. Assume that direct labor is a variable cost.
Under absorption costing, the ending inventory for the year would be valued at:
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