Wolanski Corporation has provided the following data for its most recent year of operations: Selling price per unit$48Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$11Direct labor$5Variable manufacturing overhead$5Fixed manufacturing overhead per year$110,000Selling and administrative expenses: Variable selling and administrative expense per unit sold$4Fixed selling and administrative expense per year$71,000 Units in beginning inventory 0Units produced during the year 11,000Units sold during the year 8,000Units in ending inventory 3,000The unit product cost under absorption costing is closest to:
A. $35.00
B. $10.00
C. $21.00
D. $31.00
Answer: D
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Fill in the blank(s) with correct word
Selective retention works to the advantage of strong brands
Indicate whether the statement is true or false
The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $55 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $70 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the
lower of cost or market, using the first-in, first-out method, if the current replacement cost is $68 a unit? A) $1,200 B) $1,100 C) $1,360 D) $1,390
A __________ is a collection of verbal and symbolic assertions that specify how and why two or more variables are related, and the conditions under which they should and should not relate.
A. hypothesis B. theory C. data set D. fact E. statistic