Reference no: EM133070784
Question - Kwan Manufacturing Company data for 20X0 follow:
Sales: 11,000 units at $19 each
Actual production 15,500 units
Expected volume of production 15,000 units
Manufacturing costs incurred Variable $124,000
Fixed 54,000
Nonmanufacturing costs incurred Variable $ 11,000
Fixed 17,800
Variable overhead ¥14,400,000
Fixed overhead 27,250,000
Total overhead ¥41,650,000
Required -
1. Determine operating income for 20X0, assuming the firm uses the variable-costing approach to product costing.
2. Assume that there is no January 1, 20X0, inventory; no variances are allocated to inventory; and the firm uses a "full absorption" approach to product costing. Compute (a) the cost assigned to December 31, 20X0, inventory, and (b) operating income for the year ended December 31, 20X0.
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