Use the following to answer questions 14 and 15: Quasimodo Company produces and

Question

Use the following to answer questions 14 and 15: Quasimodo Company produces and sells only one product. The following data relates to Quasimodo's operations for the year just ended: Selling price per unit .. $121 Units in beginning finished goods inventory. Units produced. 0 4,300 4,000 300 Units in ending finished goods inventory Variable costs per unit: Direct materials Direct labor. Variable manufacturing overhead . Variable selling and administrative.... $44 $35 $7 $5 Fixed costs: Fixed manufacturing Fixed selling and administrative. $34,400

Explanation / Answer

1.14.d.$13,600.

variable cost income statement:

1.15.A.$16,000

absorption costing income statement:

sales revenue ($121 * 4,000) 484,000 less: variable costs [(44+35+7+5)*4,000] (364,000) contribution 120,000 less: fixed costs (34,400+72,000) (106,400) operating income 13,600

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