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The Southern Corporation manufactures a single product and has the following cost structure: ...

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Accounting

The Southern Corporation manufactures a single product and has the following cost structure:

Variable costs per unit:
Production $ 32
Selling and administrative $ 12
Fixed costs per year:
Production $ 111,860
Selling and administrative $ 92,840

Last year, 6,580 units were produced and 6,380 units were sold. There was no beginning inventory.

The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

Multiple Choice

  • the same as absorption costing.

  • $6,380 greater than under absorption costing.

  • $6,380 less than under absorption costing.

  • $3,400 less than under absorption costing.

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