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Business · Accounting
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COMPARE FULL COSTING AND VARIABLE COSTING SYSTEM 1.The company XYZ uses the weighted-average-cost method. It show the following data: Concepts Beginning finished good inventoryC Beginning work in progress inventory Manufacturing variable costs Manufacturing fixed costs Ending work in progress inventory C Units Manufactured Units sold and revenues Units Total amount 50 54,975 15,000 135.000 60,000 10,000 125 165 360,000 (*) These amounts are calculated under full (absorption) costing system. It is estimated that 60% of these are variable costs The sales commissions and other marketing costs variables are 10% of sales. Fixed commercial costs are 22,000 and fixed administration costs are 16,000. Required Using the Full (Absorption) Costing System 1.- Calculate cost of goods manufactured and the cost of goods sold. 2.- Prepare an income statement and calculate the operating income Using the Variable Costing System 2.- Prepare an income statement and calculate the operating income. Compare both income statement and ending finished good inventories and comment the results 1.- Calculate cost of goods manufactured and the cost of goods sold.
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