Krepps Corporation produces a single product. Last year, Krepps manufactured 28,000 units and sold 22,500...
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Accounting
Krepps Corporation produces a single product. Last year, Krepps manufactured 28,000 units and sold 22,500 units. Production costs for the year were as follows:
Direct materials
$
229,600
Direct labor
$
134,400
Variable manufacturing overhead
$
215,600
Fixed manufacturing overhead
$
336,000
Sales totaled $1,046,250 for the year, variable selling and administrative expenses totaled $117,000, and fixed selling and administrative expenses totaled $201,600. There was no beginning inventory. Assume that direct labor is a variable cost.
Under absorption costing, the ending inventory for the year would be valued at: (Round your intermediate calculations to 2 decimal places.)
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