Home / Questions / Ida Sidha Karya Company is a family-owned company located in thevillage of Gianyar on the ...
Ida Sidha Karya Company is a family-owned company located in thevillage of Gianyar on the island of Bali in Indonesia. The companyproduces a handcrafted Balinese musical instrument called a gamelanthat is similar to a xylophone. The gamelans are sold for $950.Selected data for the companyâs operations last year follow:
Units in beginning inventory 0
Units produced 250
Units sold 230
Units in ending inventory 20
Variable costs per unit:
Direct materials $ 125
Direct labor $ 335
Variable manufacturing overhead $ 55
Variable selling and administrative $ 30
Fixed costs:
Fixed manufacturing overhead $ 75,000
Fixed selling and administrative $ 15,000
The absorption costing income statement prepared by thecompanyâs accountant for last year appears below:
Sales $ 218,500
Cost of goods sold 187,450
Gross margin 31,050
Selling and administrative expense 21,900
Net operating income $ 9,150
Required:
1. Determine how much of the ending inventory consists of fixedmanufacturing overhead cost deferred in inventory to the nextperiod.
2. Prepare an income statement for the year using variablecosting.
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