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Sharpens Incorporated produces knife sets for use in commercial kitchens. They sell for $400.00 each.
Selected data for the company's operations last year follow below.
Units in beginning inventory 0Units produced 3000Units sold 2500Units in ending inventory 500
Variable cost per unitDirect materials $120.00Direct labor 80Variable manufacturing overhead 40Variable selling and administrative 20
Fixed costsFixed manufacturing overhead $ 300,000Fixed selling and administrative $ 200,000
a. Assume that the company uses variable costing, compute the unit cost for one knife set? (Show all work)
b. Assuming that the company uses absorption costing, compute the unit cost for one knife set. (Please show all work so I am able to learn this stuff)
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