Inventory Valuation Under Absorption and Variable Costing The following information pertains to Synergy Inc. for last...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Inventory Valuation Under Absorption and Variable Costing The following information pertains to Synergy Inc. for last year: Beginning inventory in units Units produced Units sold Costs per unit: Direct materials Direct labour Variable overhead Fixed overhead* Variable selling expenses Fixed selling and administrative costs * Fixed overhead totals $83,000 per year. 20,000 17,200 Required: 1. Calculate the cost of one unit of product under absorption costing. Round your answer to the nearest cent. per unit $ 3. How many units are in ending inventory? units $8.00 $4.00 $1.50 $4.15 $3.00 $24,300 2. Calculate the cost of one unit of product under variable costing. Round your answer to the nearest cent. $ per unit 5. Calculate the cost of ending inventory under variable costing. $ 4. Calculate the cost of ending inventory under absorption costing. $ Inventory Valuation Under Absorption and Variable Costing The following information pertains to Synergy Inc. for last year: Beginning inventory in units Units produced Units sold Costs per unit: Direct materials Direct labour Variable overhead Fixed overhead* Variable selling expenses Fixed selling and administrative costs * Fixed overhead totals $83,000 per year. 20,000 17,200 Required: 1. Calculate the cost of one unit of product under absorption costing. Round your answer to the nearest cent. per unit $ 3. How many units are in ending inventory? units $8.00 $4.00 $1.50 $4.15 $3.00 $24,300 2. Calculate the cost of one unit of product under variable costing. Round your answer to the nearest cent. $ per unit 5. Calculate the cost of ending inventory under variable costing. $ 4. Calculate the cost of ending inventory under absorption costing. $
Expert Answer:
Answer rating: 100% (QA)
1 unit product cost under absorption costing 8415415 1765 pe... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
Students also viewed these accounting questions
-
The following information pertains to Synergy Inc. for last year: Assume that the selling price is $32 per unit. Required: 1. Prepare an income statement using absorption costing. 2. Prepare an...
-
The following information pertains to Satellite Company: Required: Present the operating activities section of the statement of cash flows for Satellite Company using the indirectmethod. Income...
-
The following information pertains to the companys ending inventory : Apply lower-of-cost-or-market accounting to each inventory item individually. What total amount should be reported as inventory...
-
. 4. Bank overdrafts repayable on * 1 point demand may be included in the cash and cash equivalent balance. True O False
-
What products would you expect to obtain when propanamide reacts with each of the following? (a) H3O+, H2O (b) HO-, H2O (c) P4O10 and heat
-
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: The income statement for the year ended December 31, 20Y3, is as follows: Additional data obtained from an...
-
Describe the rights of patients as reviewed in this chapter.
-
Aurora Company spent a total of $102,340 in the current period in one of its production centers. In addition, when the production period began, there was work-in-process inventory in the production...
-
what ways can anticipatory foresight be harnessed as a strategic tool to navigate the complexities of a rapidly evolving global ecosystem, thereby sculpting innovative pathways for organizational...
-
Identify at least one researchable question for each of the following issues (in questions 612). 6. A cable network has just entered into an agreement granting it the right to show reruns of a hit TV...
-
Which of the following amounts is closest to the value of a bond that pays $45 semiannually and has a YTM of 10%? The face value is $1,000 and the bond matures in 3 years. There are 6 months before...
-
A foreign taxpayer is set to receive $10,000 for some work being done in the country, but they do not give the payer a TIN. What amount of tax is supposed to be withheld from that payment under the...
-
How might Jen's email be misinterpreted by her instructor? Select all that apply. Review the Email Thursday, July 25, 2020 3:15 PM I just saw my total points in Grades. I should be getting an A, but...
-
The cost of inventory is made up of Select one: a. cost of purchase, allocated direct labour, and allocated overhead. b. cost of purchase and allocated direct labour only. c. cost of allocated direct...
-
Should Dubinski recommend a large repurchase, financed in part by a debt issue, to the board? The case does not propose a specific repurchase, so develop your own proposal and defend it. In...
-
2.2 How will the advancements in Artificial Intelligence shape the future of work and daily life, and what factors should be considered to ensure these developments have a positive impact? (15) 2.1...
-
(a) Show that (2,1,6), (4,7,9) and (11,7,-12) are the vertices of a right triangle. (b) Find the area of the triangle.
-
Suppose you need to answer any four of seven essay questions on a history test and you can answer them in any order. a. How many different question combinations are possible? b. What is the...
-
Explain the potential conflict of interest that arises when doctors own the hospitals in which they work. The following news article mayhelp. The executive who became the most visible symbol of...
-
Assume that Major Motors Corporation, a large automobile manufacturer, reported in a recent annual report to shareholders that its buildings had an original cost of $4,694,000,000. 1. Major Motors...
-
Indoor Golf Centers, Inc., sells franchises. The initial franchise fee is $50,000, payable 20% down with the balance in five equal annual installments plus interest at 10% on the unpaid balance. In...
-
For the DTS study, use subjects with all five assessments in HamD scores in the CAU group for this question. The intraclass correlation coefficient among the repeated measures in Ham-D scores can be...
-
Generalize the model considered in Example 4.11 to a marginal model for the longitudinal DOS data and compare the findings with that in Example4.11 Example 4.11 For the models in Example 4.8 DOS,...
-
Prove (9.31) . = BE (GS;S; G) BT, B = (B), B-T (9.31)
Study smarter with the SolutionInn App