Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a…
Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $860. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 320 Units sold 285 Units in ending inventory 35 Variable costs per unit: Direct materials $135 Direct labor $ 355 Variable manufacturing overhead $ 30 Variable selling and administrative $ 15 Fixed costs: Fixed manufacturing overbend $ 64,000 Fixed selling and administrative $ 27,000 The absorption costing Income statement prepared by the company's accountant for last year appears below: Sales $ 245,100 Cost of goods sold 205, 200 Grons margin 39,900 Selling and administrative expendo 31,275 Net operating income $ 8,625 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's Inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? May 16 2022 03:12 PM
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