Refer to the data for Osterman Company above. Data for Osterman During the most recent year, Osterman
Question:
Refer to the data for Osterman Company above.
Data for Osterman
During the most recent year, Osterman Company had the following data:
Units in beginning inventory.................................... -
Units produced............................................... 10,000
Units sold ($47 per unit)...................................... 9,300
Variable costs per unit:
Direct materials.................................................. $9
Direct labor...................................................... $6
Variable overhead............................................... $4
Fixed costs:
Fixed overhead per unit produced............................ $5
Fixed selling and administrative....................... $138,000
Required:
1. Calculate the cost of goods sold under variable costing.
2. Prepare an income statement using variable costing.
Step by Step Answer:
Cornerstones Of Managerial Accounting
ISBN: 9780538473460
4th Edition
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger