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WileyPLUS WileyPLUS Chegg Study l Gui × c secure https://edugen.wileyplus.com/edugen/student/mainfr.u ni WileyPLUS Kimmel Accounting, 6 INTRODUCTORY ACCOUNTING I/II (ACT 221/222) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment>open Assignment TIMER Start Time: 02:00 PM/ Remaining: 40 min. CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Question 1 Sheridan Company sells its product for $80 per unit. During 2016, it produced 60000 units and sold 50000 units (there was no beginning inventory). Costs per unit are: direct materials $21, direct labor $14, and variable overhead $3. Fixed costs are: $720000 manufacturing overhead, and $90000 selling and administrative expenses. Cost of goods sold under absorption costing is Question 23 $2500000. $2240000 $1900000. $2250000 Question 28 Question 33 Click if you would like to Show Work for this question: uestion 3 Question Attempts: 0 of 1 usedSAVE FOR LATER SUBMIT ANSWER Question 43 Review Sco All Rights Reserved. A Division of lohn Wiley & Sons Inc Version 4.24.2.4

Explanation / Answer

Answer is $2500000

Particulars Standard Direct Material (60000 x 21) 1260000 Direct Labor (60000 x 14) 840000 Variable Production Overhead 180000 Fixed Production Overhead 720000 Total Cost of Production    3,000,000.00 No of Units 60000 Per Unit Cost                  50.00 Cost of Goods Sold (50 x 50000)    2,500,000.00

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