Inventory Valuation under VARIABLE Costing PLEASE SHOW ALL CALCULATIONS Lane Company produced 50,000 units during its first year of operations and sold 47,300 at $12 per unit The company chose practical activityat 50,000 unitsto compute its predetermined overhead rate Manufacturing costs are as follows Direct materials $140,220 Direct labor 106,020 Variable overhead 74,100 Fixed overhead 58,140 Required 1 Calculate the cost of one unit of product under variable costing Round your interim calculations and final answer to the nearest cent $ per unit 2 Calculate the cost of ending inventory under variable costing $

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Question: Inventory Valuation under VARIABLE Costing PLEASE SHOW ALL CALCULATIONS Lane Company produced 50,000 units during its first year of operations and sold 47,300 at $12

Inventory Valuation under VARIABLE Costing

PLEASE SHOW ALL CALCULATIONS

Lane Company produced 50,000 units during its first year of operations and sold 47,300 at $12 per unit. The company chose practical activityat 50,000 unitsto compute its predetermined overhead rate. Manufacturing costs are as follows:

Direct materials	$140,220
Direct labor	106,020
Variable overhead	74,100
Fixed overhead	58,140

Required:

1. Calculate the cost of one unit of product under variable costing. Round your interim calculations and final answer to the nearest cent. $ per unit

2. Calculate the cost of ending inventory under variable costing. $

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