What inventory costs would be carried on the balance sheets

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Reference no: EM131821942

Question: Semifixed Costs The Plymouth Company differs from the New York Company (described in in only one respect: It has both variable and fixed manufacturing costs. Its variable costs are $.14 per gallon, and its fixed manufacturing costs are $510,000 per year.

1. Using the same data as in the preceding problem, except for the change in production-cost behavior, prepare three-column income statements for 20X0, for 20X1, and for the 2 years together using

(a) variable costing and

(b) absorption costing.

2. What inventory costs would be carried on the balance sheets on December 31, 20X0 and 20X1, under each method?

Reference no: EM131821942

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