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A company produces a single product. Variable production costs are $12 per unit and variable selling and administrative expenses are $3 per unit. Fixed manufacturing overhead totals $36,000 and fixed selling and administration expenses total $40,000. Assuming a beginning inventory of zero, production of 4,000 units and sales of 3,600 units, the dollar value of the ending inventory under variable costing would be:
Minimum Price
A minimum price is a legally imposed threshold set above the equilibrium price, below which a certain good or service cannot be sold, often to protect producers.
Profitable Output
The level of production at which a business or economic activity yields the maximum profit.
Firm
A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to consumers in exchange for money.
Total Profit
The overall financial gain made by a business after subtracting all costs from the total revenue generated from its operations.
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