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(Solved) (Latest ver. Aug 2020) - M. J. Lighting

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M. J. Lighting uses direct costing for all internal reporting. For the current year, finished goods inventory, under variable costing was as follows
(M.J. does not have any work inprocess):

Beginning of year End of year
Finished Goods $7,000 $4,500

The inventory, for external reporting purposes, would include $1,100 in fixed
manufacturing overhead for the beginning and $950 for the ending inventory. Total variable manufacturing costs during the year were $32,500 and fixed manufacturing costs were $10,500.

9. What is the cost of goods sold for the current year under direct (variable) costing?
a. $33,900
b. $35,000
c. $36,500
d. $40,300
e. $40,500

10. Assuming that M. J. used absorption costing for both internal and external reporting, what would cost of goods sold be for the year?
a. $35,150
b. $40,650
c. $45,350
d. $45,500
e. $45,650


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