1.What is the value of ending inventory using full costing?
2.What is the value of ending inventory using variable costing?
3.What is the cost of goods sold using full costing?
4.What is the cost of goods sold using variable costing?
5.What is net income using full costing?
Clinton Manufacturing produces snow shovels. The selling price per snow shovel is $31.00. There is no beginning inventory.
Costs involved in production are:
Direct material $6.00
Direct labor 4.00
Variable manufacturing overhead 4.00
Total variable manufacturing costs per unit $14.00
Fixed manufacturing overhead per year $166,650
In addition, the company has fixed selling and administrative costs of $161,100 per year
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