Business, 19.07.2020 01:01, elizabethwaller8104
Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginning inventory under absorption costing consisted of 3,000 units valued at $66,000 (Direct materials $12 per unit; Direct labor, $3 per unit; Variable Overhead, $2 per unit, and Fixed overhead, $5 per unit.) All manufacturing costs have remained constant over the 2-year period. At year-end, the company reported the following income statement using absorption costing: Sales (23,000 × $45) $ 1,035,000 Cost of goods sold (23,000 × $22) 506,000 Gross margin $ 529,000 Selling and administrative expenses 115,000 Net income $ 414,000 60% of total selling and administrative expenses are variable. Compute net income under variable costing:
Sales (23,000 × $45) $1,035,000
Cost of goods sold (23,000 × $22) 506,000
Gross margin $529,000
Selling and administrative expenses 115,000000
Net income $414,000
60% of total selling and administrative expenses are variable. Compute net income under variable costing.
a. $414,000
b. $399,000
c. $529,000
d. $429,000
e. $644,000
Answers: 2
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Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units dur...
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