Rexfield Company recorded the following transactions for the month of February:

Sales were $420,000 for the month. Sales prices are determined by a markup on manufacturing cost of 40%. The costs of new inputs to the manufacturing process during the month were $285,000.
Instructions
1. Calculate the missing values in the above schedule.
2. Compare and contrast the behaviour of fixed and variable costs in total and per unit.

Transcribed Image Text:

Materials $100,000 18,000 Work in Process Finished Goods Purchases Beginning Inventory Ending Inventory Direct Materials Used Direct Labour Manufacturing Overhead (including indirect materials of $10,000) Transferred to Finished Goods Cost of Goods Sold $ 8,000 20,000 90,000 $20,000 115,000