Reference no: EM133160341

Question 1 - The excerpt presented below taken from Great Man Company's records for the fiscal year ended Nov 30: Direct Materials used 400,000 Direct Labor 200,000 Variable Factory overhead 40,000 Fixed Factory overhead 90,000 Selling and administrative costs-Variable 10,000 Selling and administrative costs-fixed 10,000.

1. If Great Man Company uses variable costing, the inventoriable costs for the current fiscal year is?

2. Using absorption costing, inventoriable costs are?

Question 2 - With a production of 10,000 units of product A during the month of June, Budoy Corporation had incurred costs as follows: Direct materials 20,000 Direct Labor used 16,000 Manufacturing overhead: Variable 8,000 Fixed 10,000 Selling and administrative expenses Variable 2,400 Fixed 9,000 TOTAL 65,400 What were the unit costs of product A under adsorption and under variable costing method.

Question 3 - Glen Corporation produces a single product. Variable Manufacturing costs is P20 per unit and fixed manufacturing costs is P50,000. Glen Corporation uses normal activity rate 5,000 units to set its standards. Glen Corporation began the year with no inventory, produced 5,500 units and sold 5,250 units. What is Glen Corp's ending inventory cost under adsorption costing?