Fast Track Auto produces and sells an auto part for $85 per unit. In 2017, 110,000 parts were produced and 90,000 units were sold. Other information for the year includes:
What is the inventoriable cost per unit using absorption costing?
Definitions:
Job-Order Costing
An accounting method where costs are assigned to specific jobs or batches, used in situations where products are distinctly different.
Selling Price
The amount of money charged for a product or service, determined by considering costs, market demand, competition, and profitability.
Unit Product Costs
The calculated cost assigned to a single unit of product, typically including direct materials, direct labor, and allocated overhead.
Markup
Markup refers to the amount added to the cost price of goods to cover overhead and profit, calculated as a percentage of the cost.
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