Corbett Corporation manufactures a single product. Last year, variable costing net operating income was $72,000. The fixed manufacturing overhead costs deferred in inventory under absorption costing amounted to $29,000.Required:Determine the absorption costing net operating income last year.
What will be an ideal response?
| Variable costing net operating income | $ | 72,000 | |
| Add fixed manufacturing overhead costs deferred in inventory under absorption costing | 29,000 | ||
| Absorption costing net operating income | $ | 101,000 | |
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