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How much fixed manufacturing overhead is in ending inventory

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Reference no: EM131826281

Problem - Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $30.

Costs involved in production are:

Direct material $ 5

Direct labor 4

Variable manufacturing overhead 3

Total variable manufacturing costs per unit $ 12

Fixed manufacturing overhead per year $180,000

In addition, the company has fixed selling and administrative costs of $160,000 per year.

During the year, Summit produces 40,000 snow shovels and sells 37,000 show shovels.

Required. How much fixed manufacturing overhead is in ending inventory under full costing?

Reference no: EM131826281

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