ACCT 346 Weekly Assignment Week 4

ACCT 346 Weekly Assignment Week 4
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Directions: Your assignment this week is to answer the question below which has four parts.
Please show your work for full credit and use the boxes
provided. Please add more rows or columns to the box if needed.
1. MountainAir Company has the following selected data for the past year:
Units sold during year
30,000
Units produced during year
45,000
Units in ending inventory
15,000
Variable manufacturing cost per unit
Fixed manufacturing overhead (in total)
Selling price per unit
Variable selling and administrative expense per unit
Fixed selling and administrative expenses (in total)
$4.50
$20,250
$12.00
$1.00
$4,000
There were no units in beginning inventory.
Required:
1a. Prepare an income statement for last year using absorption costing.
1b. Calculate the value of the ending inventory using absorption costing.

1c. Prepare an income statement for last year using variable costing.
1d. Calculate the value of the ending inventory using variable costing.