si absorption vs. variable costing

si absorption vs. variable costing - SI cfw collaborative...

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This material is produced by the SI Program at Arizona State University student success .asu.edu { collaborative peer-led structured group study SI P6-61A Determine Financial statement components: Violins- by-Hannah produces student-grade violins for beginning violin students. The company produced 2,000 violins in its first month of operations. At the end of the month, 600 finished violins remained unsold. There was no inventory in work in process. Violins were sold for $112.50 each. Total costs from the month are as follows: Direct materials used $80,000 Direct Labor $50,000 Variable Manufacturing Overhead $30,000 Fixed Manufacturing Overhead $40,000 Variable Selling and Administrative expenses $10,000 Fixed Selling and Administrative Expenses $15,000 The company prepares the absorption costing income statement for bankers, but would also like to prepare a contribution margin income statement for their own use. Prepare both types of income statements. Compute the dollar value of ending inventory under both statements.
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si absorption vs. variable costing - SI cfw collaborative...

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