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Determine the cost of the finished goods inventory reported

Question - At the end of the first year of operations, 5,200 units remained in the finished goods inventory. The unit manufacturing cost during the year were as follows:

Direct Materials: 35.00

Direct Labor: 16.80

Fixed factory overhead: 5.60

Variable factory overhead: 4.90

Determine the cost of the finished goods inventory reported on the balance sheet under (A) the absorption costing concept and (b) the variable costing concept.

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Accounting Basics: Determine the cost of the finished goods inventory reported

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