Krepps Corporation Produces a Single Product

question 94

Multiple Choice

Krepps Corporation produces a single product. Last year, Krepps manufactured 20,000 units and sold 15,000 units. Production costs for the year were as follows:
Sales totaled $825,000 for the year, variable selling and administrative expenses totaled $108,000, and fixed selling and administrative expenses totaled $165,000. There was no beginning inventory. Assume that direct labor is a variable cost.
-Under absorption costing,the ending inventory for the year would be valued at:

• A) $0
• B) $216,000
• C) $248,250
• D) $180,000

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Definitions:

Budgeted Sales Data

Projections or estimates of sales for a future period, used for planning and forecasting purposes.

Cash Collections

The process of gathering all cash receipts and payments, including from sales, loans, and other transactions, over a specific period.

Manufacturing Overhead Budget

A financial plan that estimates the indirect costs associated with manufacturing, including utilities, maintenance, and rent.

Direct Materials

Raw materials that are directly incorporated into a finished product and can be easily traced to it.