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What is the value of ending inventory using variable costing

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Question - 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 - What is the value of ending inventory using variable costing?

Reference no: EM131826147

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