Last Year, Hruska Corporation's Variable Costing Net Operating Income Was

question 209

Essay

Last year, Hruska Corporation's variable costing net operating income was $92,200 and ending inventory decreased by 600 units. Fixed manufacturing overhead cost per unit was $3 in both beginning and ending inventory.
Required:
Determine the absorption costing net operating income for last year. Show your work!

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Definitions:

Trial Balance

A financial worksheet that consolidates all ledger balances into equal debit and credit columns for each account.

Journal Entries

Recorded business transactions in the accounting records of a company, listed in the general journal.

Adjusting Journal Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Journal Entries

Entries made in the accounting records at the end of an accounting period to transfer balances from temporary to permanent accounts.