Question - The following data pertains to KZ Ltd for the year 2014:
Total direct materials costs in cost of goods sold $7775
Total direct labour costs in cost of goods sold $6769
Total variable manufacturing overhead costs in cost of goods sold $5381
Total fixed manufacturing overhead costs $7338
The budgeted denominator level 1648
Total units sold 952
Total units produced 1103
The fixed manufacturing cost rate is based on the budgeted denominator level. Production volume variance is written off to cost of goods sold. There are no price, efficiency or spending variances. Under absorption costing, calculate cost of goods sold using two decimals?