128) The following information was taken from the records of the Greiner Company for the year ended December 31, 20X3. There were no beginning or ending inventories.
Prepare an income statement for the year ended December 31, 20X3 for the Greiner Company using both the absorption approach and the contribution approach.
129) Units produced17,000 units
Units sold15,600 units
Direct materials used$63,200
Fixed selling and administrative expenses$25,500
Variable selling and administrative expenses$29,000
Fixed manufacturing overhead$31,450
Variable manufacturing overhead$36,950
Direct-materials inventory, December 31 $ 6,400
WIP, December 31none
a.What is the ending finished-goods inventory cost under absorption costing?
b.What is the ending finished-goods inventory cost under variable costing?