Exp has compiled the following standard cost card for its main product.

Production costs?????????????????????????????????????????? $

Fixed????????????????????????????????????????????????????????? 33.00

Variable????????????????????????????????????????????????????? 45.10

Selling costs Fixed???????????????????????????????????? 64.00

Variable????????????????????????????????????????????????????? 7.20

Profit????????????????????????????????????????????????????????? 14.70

Selling price????????????????????????????????????????????? ?164.00

What would the closing inventory be valued at under an absorption costing system (to 2 decimal places)?

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Chapter9AbsorptionandmarginalCosting

Inventory is valued at full production cost i.e. both fixed and variable production costs. $(33.00+ 45.10) = $78.10

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