In 2018, hopyard lumber changed its inventory method from lifo to fifo. inventory at the end of 2017 of $102,000 would have been $120,000 if fifo had been used. inventory at the end of 2018 is $133,000 using the new fifo method but would have been $123,000 if the company had continued to use lifo. what is the effect of the change on 2018 cost of goods sold?
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Doogan corporation makes a product with the following standard costs: standard quantity or hours standard price or rate direct materials 2.0 grams $ 7.00 per gram direct labor 1.6 hours $ 12.00 per hour variable overhead 1.6 hours $ 6.00 per hour the company produced 5,000 units in january using 10,340 grams of direct material and 2,320 direct labor-hours. during the month, the company purchased 10,910 grams of the direct material at $7.30 per gram. the actual direct labor rate was $12.85 per hour and the actual variable overhead rate was $5.80 per hour. the company applies variable overhead on the basis of direct labor-hours. the direct materials purchases variance is computed when the materials are purchased. the materials quantity variance for january is:
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In 2018, hopyard lumber changed its inventory method from lifo to fifo. inventory at the end of 2017...
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