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Consider the following information:
Q1
Q2
Q3
Beginning inventory (units)
0
J
300
Budgeted units to be produced
4,000
Q
Actual units produced
3,800
4,200
4,100
Units sold
A
R
Variable manufacturing costs per unit produced
$125
Variable marketing costs per unit sold
$40
Fixed manufacturing costs
$600,000
Fixed marketing costs
$250,000
Selling price per unit
$400
Variable costing operating income
B
$90,000
S
Absorption costing operating income
C
K
$130,500
Variable costing beginning inventory
D
$12,500
T
Absorption costing beginning inventory
E
L
U
Variable costing ending inventory
F
M
Absorption costing ending inventory
G
N
$27,500
PVV
H
O
V
Allocated fixed manufacturing costs
I
P
$615,000
There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.
Complete the missing figures from the above Table.
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Management has studied the problem and it appears that beginning inventories may be the cause of the unmatched information. The reason for this is that the inventories have a different financial base because of the severe inflation.
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