For Quiz - Product Costing Name : ___________________________

Units produced _____________________

Units Sold _____________________

Selling price per unit _____________________

Variable manufacturing cost _____________________

Variable selling expenses _____________________

Fixed manufacturing costs _____________________

Fixed admin expenses _____________________

Assume that direct material per unit is P______(for throughput costing)

Solution :

Absorption Costing

Sales _____________________

Less : CGS _____________________

Gross Profit _____________________

Less : Selling & Admin __________________

Variable Selling __________________

Fixed Admin __________________ _____________________

Net Income

Ending Inventory @absorption costing = _____________________

Variable Costing

Sales _____________________

Less : Variable Costs

CGS _____________________

Selling Costs _____________________ _____________________

Contribution Margin _____________________

Less : Fixed Costs

Manufacturing Costs _____________________

Admin Costs _____________________ _____________________

Net Income

Ending Inventory @variable costing =

Reconciliation

Variable costing Net income _____________________

Less : Fixed mfg costs in

ending inventory _____________________

Absorption costing net inc. =====================

Absorption costing Net inc _____________________

Add : Fixed mfg costs in

ending inventory _____________________

Absorption costing net inc. =====================

Throughput Costing

Sales _____________________

Less: CGS (120,000 x 18) _____________________

Throughput Margin _____________________

Less :

Variable Mfg costs ___________________

Variable Selling expenses ___________________

Fixed Mfg costs ___________________

Fixed Admin Expenses ___________________ _____________________

Net Income