Answer:
Scurry Company
The cost of goods sold is:
= a. $600,000
Explanation:
a) Data and Calculations:
Beginning inventory of finished goods $100,000
Cost of goods manufactured 700,000
Ending inventory of finished goods (200,000)
Cost of goods sold = $600,000
Beginning work-in-process inventory 300,000
Ending work-in-process inventory 50,000
b) The cost of goods sold includes the beginning inventory of finished goods and the cost of goods manufactured within the period, less the ending inventory of finished goods. It does not include inventories of work-in-process.
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Answer:
Fixed overhead costs
Variable and fixed cost distinctions
less than absorption costing net operating income
Explanation:
Fixed overhead costs are costs that do not change with change in the volume of production activity. Rent of the production facility is an example of fixed overhead cost.
Variable costs are costs that change with change in the volume of production activity. Tax is an example of variable cost.
between absorption costing net operating income and variable costing net operating income can be explained by the way these two methods account for <u>Fixed overhead costs</u>. all overhead costs fixed overhead costs selling and administrative expenses variable overhead costs Knowledge Check 02 Absorption costing income statements ignore <u>Variable and fixed cost distinctions</u>. direct materials and direct labor costs direct and indirect cost distinctions product and period cost distinctions variable and fixed cost distinctions Knowledge Check 03 When the number of units produced is greater than the number of units sold, variable costing net operating income will be <u>less than absorption costing net operating income</u>. the same as absorption costing net operating income greater than absorption costing net operating income less than absorption costing net operating income