13-45 Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred...

assume that there is no january 1, 2007 inventory; no variances are allocated to inventory and the firm uses a full absorption approach to product costing. Compute the costs assigned to december 31, 2007 inventory sales 12,000 * 17 actual production 15,000 units expected volume of production...

Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000

Good Morning, I'm just wondering if anyone can please give me some advice about this question I am stuck on, I would really appreciate some explanation into how I get the answers that I am being asked for, as at the moment I haven't found any information / examples of how these statements are...

Define absorption and variable costing. Which of these two methods is used for financial statements and why?