Question: Stone Industries gathered the following information for the years ended June 30, 20X5:-
Units Produced 17,000 Units
Units Sold 15,600 Units
Direct Labour $27,350
Direct Materials Used $63,200
Fixed Selling and Administrative Expenses $25,500
Variable Selling and Administrative Expenses $29,000
Fixed Manufacturing Overhead $31,450
Variable Manufacturing overhead $36,950
Begining Inventory None
Ending Inventory None
Calculate the value of ending inventory using:
a. Total Costing
b. Direct Costing
c. income statement using the marginal costing format