Neef Corporation has provided the following data for its two most recent years of operation: Selling price per unit $84 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials Direct labor $12 $5 $4 Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable selling and administrative expense per unit sold $ 5 Fixed selling and administrative expense per year $ 61,000 Year 1 Year 2 Units in beginning inventory O 3,000 $432,000

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.