Question 17: The following is an extract from 2018 accounting records of Muller Ltd: Units...
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Accounting
Question 17: The following is an extract from 2018 accounting records of Muller Ltd: Units in beginning inventory Units produced Units in ending inventory 20,000 4,000 Selling price per unit 20 Manufacturing costs Direct materials (per unit) Direct labor (per unit) Variable overhead (per unit) Fixed overhead (total) 4 2 1 60,000 Selling and Administrative expenses Variable (per unit) 3 Fixed 40,000 Required: a) Compute the following using absorption costing and marginal costing: i) unit cost ii) cost of goods sold ii) ending inventory (3 marks) (1 marks) (1 marks) b) Prepare an income statement using i) absorption costing and (5 marks) ii) marginal costing (5 marks) (Total 15 marks)
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