SorryMomTattoos produces and sells tattoos that make your parents want to disown you. The company uses...
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SorryMomTattoos produces and sells tattoos that make your parents want to disown you. The company uses a costing system based on actual costs. Selected accounting and production information for fiscal 2020 is as follows: Net income (under absorption costing) $ 400,000 $3,400,000 Sales Fixed factory overhead Selling and administrative costs (all costs are fixed) $ 280,000 Net income (under variable costing) Units produced $ 600,000 $310,000 SorryMomTattoos had no work in process inventory at either the beginning or the end of fiscal 2020. As well, the company did not have any finished goods inventory at the beginning of the fiscal year. atthew Required: A. Calculate the product costs per unit under absorption costing. B. Calculate the product costs per unit under variable costing. C. Calculate the costs of ending invent htals under absorption costing. D. Calculate the cost of ending inventory under variable costing. SorryMomTattoos produces and sells tattoos that make your parents want to disown you. The company uses a costing system based on actual costs. Selected accounting and production information for fiscal 2020 is as follows: Net income (under absorption costing) $ 400,000 $3,400,000 Sales Fixed factory overhead Selling and administrative costs (all costs are fixed) $ 280,000 Net income (under variable costing) Units produced $ 600,000 $310,000 SorryMomTattoos had no work in process inventory at either the beginning or the end of fiscal 2020. As well, the company did not have any finished goods inventory at the beginning of the fiscal year. atthew Required: A. Calculate the product costs per unit under absorption costing. B. Calculate the product costs per unit under variable costing. C. Calculate the costs of ending invent htals under absorption costing. D. Calculate the cost of ending inventory under variable costing.
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Answer Part 1 Firstly we have to caluclate the unit in ending inventory Differ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
Posted Date:
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