Cahalane Corporation has provided the following data for its two most recent years of operation: Selling price per unit$91 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$12Direct labor$5Variable manufacturing overhead$5Fixed manufacturing overhead per year$432,000Selling and administrative expenses: Variable selling and administrative expense per unit sold$4Fixed selling and administrative expense per year$78,000 Year 1Year 2Units in beginning inventory01,000Units produced during the year9,00012,000Units sold during the year8,00010,000Units in ending inventory1,0003,000Which of the following statements is true for Year 1?
A. The amount of fixed manufacturing overhead deferred in inventories is $48,000
B. The amount of fixed manufacturing overhead released from inventories is $48,000
C. The amount of fixed manufacturing overhead deferred in inventories is $560,000
D. The amount of fixed manufacturing overhead released from inventories is $560,000
Answer: A
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