The Brewing Company manufactures a single product; the standard costs per unit being variable manufacturing $8, fixed manufacturing $6. Selling and administrative costs are $2 per unit sold. The selling price is $20 per unit. Actual and budgeted fixed overhead is $900 000 for the year. Information about Brewing's production activity for the year is Sales 125 000 units Units produced 150 000 units Units sold 5000 units What is the value of closing inventory of finished goods under absorption costing? Select one: $120 000 $420 000 $480 000 $240 000

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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.