Under varible costing what is the cost of finished goods

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Reference no: EM13574489

Smithison company gathered the following information for the year ended April 30, 2015:

Units Produced: 11,200

Units expected to produce: 11,200

Units Sold: 8,400

Direct Labor: $99,600

Direct Materials Used: $155,000

Fixed selling and admin exp: $64,800

Fixed manufacturing overhead $52,640

Variable Manufacturing overhead: $70,200

Contribtion Margin: $71,200

Direct materials inventory, April 30, 2015: 0

Direct materials inventory, April 30, 2014: 0

Works in process inventory, April 30, 2015: 0

Works in process inventory, April 30, 2014: 0

Finished goods inventory, April 30, 2014: 0

Required:

A. Under varible costing, what is the cost of finished goods inventory April 30, 2015?

B. Under absorption costing, what is tge cost of the finished goods inventory on April 30, 2015?

Reference no: EM13574489

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