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Queen Manufacturing, Inc. has just completed its first year of operations. Queen produced 50,000 units...

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Accounting

Queen Manufacturing, Inc. has just completed its first year of operations. Queen produced 50,000 units during its first year. 40,000 units were sold. Requirement 1: Under absorption costing, what is the total dollar amount of finished goods inventory Queen would report on its balance sheet prepared at the end of Year 1? Requirement 2: Under variable costing, what is the total dollar amount of finished goods inventory Queen would report on its balance sheet prepared at the end of Year 1?Queen incurred the following costs associated with its production for Year 1.
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