Huber Corporation Determination of Beginning Inventory Assignment Solution 1

Huber Corporation Determination of Beginning Inventory Assignment

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Huber Corporation Determination of Beginning Inventory Assignment

(a) (1) Determination of beginning inventory: Sales = $2,400,000 ÷ $24 per unit = 100,000 Plus ending inventory 80,000 Goods available for sale 180,000 Goods manufactured (100,000 + 45,000) 145,000 Finished goods, beginning inventory 35,000 HUBER CORPORATION Absorption Costing Income Statement For the Month Ended November 30, 2016 Sales in units 100,000 Sales ($24 per unit) $2,400,000 Less: cost of goods sold ($16) 1,600,000 Gross profit 800,000 Less: Selling and administrative 400,000 Net income before overhead adjustment 400,000 Less: overhead adjustment ((150,000 – 145,000) × $4) 20,000 Net income $380,000 (2) Reconciliation of net income: Variable costing net income $200,000 Plus: FMOH deferred in ending inventory (80,000 × $4) 320,000 Less: FMOH released in beginning inventory (35,000 × $4) (140,000) Absorption costing net income $380,000 (b) Variable cost statements are consistent with cost-volume-profit analysis, making it easier to compare planned and actual results. In addition, variable cost income becomes a function of sales only; it is not affected by changes in inventory levels.

Huber Corporation Determination of Beginning Inventory Assignment

Huber Corporation Determination of Beginning Inventory Assignment

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Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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