Chapter 8(1) - Chapter 8 Self-study Quiz Use the following...

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Chapter 8 Self-study Quiz Use the following data to answer the next four questions. Jarvix Company, which only has one product, has provided the following data concerning its most recent month of operation: Selling price ………………………………………………… $111 Units in beginning inventory ……………………………….. 400 Units produced ……………………………………………… 8,800 Units sold ……………………………………………………. 8,900 Units in ending inventory ……………………………………. 300 Variable costs per unit: Direct materials ……………………………………………. $34 Direct labor …………………………………………… ....... 37 Variable manufacturing overhead …………………………. 3 Variable selling and administrative ………………………… 9 Fixed costs: Fixed manufacturing overhead ……………………………. $ 61,600 Fixed selling and administrative …………………………… 169,100 The company produces the same number of units every month, although the sales in units vary from month to month. The company’s variable costs per unit and total fixed costs have been constant from month to month. Assume there is no under- or over-applied overhead.
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