Trio Company reports the following information for the current year, which is its first year of operations. Direct materials - $ 15 per unit Direct labor - $ 16 per unit Overhead costs for the year Variable overhead - $ 80,000 per year Fixed overhead - $ 160,000 per year Units produced this year - 20,000 units Units sold this year - 14,000 units Ending finished goods inventory in units - 6,000 unitsCompute the cost per unit using variable costing.
Determine the cost of ending finished goods inventory using variable costing.
Determine the cost of goods sold using variable costing.

Finished Goods Inventory = $210,000

Cost of Goods Sold =  $490,000

Explanation:

Unit Cost of Goods Manufactured - Variable Costing

Direct materials                                               $ 15.00

Direct labor                                                      $ 16.00

Overhead costs :

Variable overhead - ($ 80,000/20,000)        $ 4.00

Total                                                                 $ 35.00

Finished Goods Inventory = 6,000 × $ 35.00

                                            = $210,000

Cost of Goods Sold

Cost of Goods Sold = Opening Stock of Finished Inventory + Cost of Goods Manufactured - Closing Stock of Finished Inventory

Cost of Goods Sold Calculation

Opening Stock of Finished Inventory                                         0

Add Cost of Goods Manufactured (20,000× $ 35.00)      $700,000

Available for Sale                                                                 $700,000

Less Closing Stock of Finished Inventory                          ($210,000)

Cost of Goods Sold                                                              $490,000

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