The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales$400,000 Materials cost$96,000 Variable conversion cost used$48,000 Fixed manufacturing cost$72,000 Indirect operating costs (fixed)$80,000 The variable costing ending inventory is:
A. $8,000
B. $36,000
C. $24,000
D. $40,000
Answer: C
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At the beginning of 2016, the Joan Company had an inventory valued at $34,375 at cost ($50,000 at retail). During the year, Joan purchased inventory for $50,000 ($70,000 at retail), and made markdowns of $7,500. Joan's sales in 2016 were $62,500. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method?
A) $37,500 B) $40,000 C) $39,000 D) $34,375
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