Answer the following questions using the information below:
Peggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were produced and 1,750 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other information for the month includes:
-What is cost of goods sold using variable costing?
Definitions:
Assessed Value
The dollar value assigned to a property for purposes of measuring applicable taxes or the value of a property as determined by an appraisal method by a public tax assessor.
Mill Rate
A tax rate applied to property value, with one mill representing one-tenth of a cent ($0.001).
Revenues
The total amount of money received by a company for goods sold or services provided during a certain period of time.
Fraction
A mathematical formula that signifies dividing one value by another.
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