Columbia Corporation Produces a Single Product

question 37

Multiple Choice

Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: During November, 35,000 units were manufactured and 8,000 units were in beginning inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months.The value of the company's inventory on November 30 under absorption costing would be:

• A) $54,000
• B) $66,000
• C) $78,000
• D) $81,000

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Definitions:

Savings Accounts

Bank accounts that earn interest over time, allowing individuals to save money for future use.

Checking Accounts

Bank accounts that allow for easy access to funds through checks, debit cards, and electronic transfers.

Cash Equivalents

Cash equivalents are highly liquid investment securities with maturities of three months or less, making them almost as liquid as cash itself.

Time Deposits

Banking products that hold a fixed amount of funds for a specified period of time, earning interest, such as CDs.