Affinity Makes a Single Product, Pool Pumps How Much Will Be Reported for Inventory on the Balance

question 30

Multiple Choice

Affinity makes a single product, pool pumps. Information for 2014 appears below (Assume the same unit costs in all years) : $$\begin{array} { l r } \text { Sales in units } & 5,800 \\\text { Production in units } & 6,200 \\\text { Beginning inventory } & 1,500 \\\text { Variable production cost per unit } & \$ 46.00 \\\text { Variable selling cost per unit } & \$ 6.00 \\\text { Fixed production cost per year } & \$ 31,000 \\\text { Fixed selling and administrative cost per year } & \$ 24,000 \\\text { Selling price per unit } & \$ 75.00\end{array}$$ How much will be reported for inventory on the balance sheet if variable costing is used?

• A) $87,400
• B) $96,900
• C) $108,300
• D) $118,400

Understand the principles of international trade and the theory of comparative advantage.

Analyze the impact of tariffs, quotas, and other trade barriers on international trade and domestic markets.

Identify the reasons behind trade deficits and their implications for the economy.

Examine the economic arguments for and against free trade and protectionism.

---

Definitions:

Numerical Index

A numerical representation or measurement, often used for comparing statistical data, assessing performance, or tracking changes over time.

Normally Distributed

Describes a statistical distribution where data points are symmetrically distributed around the mean, forming a bell-shaped curve.

Percentage

A portion of a whole expressed as a fraction of 100, used in quantifying proportions and ratios.

Descriptive Statistics

Statistical methods that summarize and organize data collected from a sample or population, including measures such as mean, median, and standard deviation.