Value of ending inventory under absorption costing

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1. The Museum of Bad Art, in Massachusetts, collects artworks that “have a special quality that sets them apart in one way or another, from the merely incompetent.” Based on this mission, what would the museum most likely NOT include in its collection?

2. During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $3 per unit, Variable overhead, $5 per unit, and Fixed overhead, $296,000. The company produced 37,000 units, and sold 29,000 units, leaving 8,000 units in inventory at year-end. What is the value of ending inventory under absorption costing?

Reference no: EM132181317

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