HELP! Finding Less Inventory Cost
Prepare income statements for July under the absorption costing concept.
Sales 450000
Manufacturing Costs:
direct materials 241800
direct labor 62400
variable manufacturing cost 35100
fixed manufacturing cost 34320
selling and admin. Expenses:
variable 18000
fixed 12600
I cannot figure the less inventory amount. On the spreadsheet it gives a hint: cost of goods manufactured /units produced and cost of goods manufactured per unit x units in ending inventory.
The cost of goods manufactured is 373620. HELP PLEASE!! :confused: