Lorraine Corp. obtained the following information from its absorption costing accounting records:
$$\begin{array} { l r }
\text { Operating Income } & \$ 24,000 \
\text { Total Product Costs incurred during the period } & \$ 16,000 \
\text { Value of Beginning Work-in-Process and Finished Goods Inventories } & \$ 0 \
\text { Value of Ending Work-in-Process and Finished Goods Inventories } & \$ 0 \
\text { Sales } & \$ 50,000
\end{array}$$ The total Period Costs incurred this period equals:

Question

Lorraine Corp. obtained the following information from its absorption costing accounting records:
$$\begin{array} { l r } 
\text { Operating Income } & \$ 24,000 \
\text { Total Product Costs incurred during the period } & \$ 16,000 \
\text { Value of Beginning Work-in-Process and Finished Goods Inventories } & \$ 0 \
\text { Value of Ending Work-in-Process and Finished Goods Inventories } & \$ 0 \
\text { Sales } & \$ 50,000
\end{array}$$ The total Period Costs incurred this period equals:

Quizplus · Accepted Answer

The Answer of Lorraine Corp. obtained the following information from its absorption costing accounting records:
$$\begin{array} { l r } 
\text { Operating Income } & \$ 24,000 \
\text { Total Product Costs incurred during the period } & \$ 16,000 \
\text { Value of Beginning Work-in-Process and Finished Goods Inventories } & \$ 0 \
\text { Value of Ending Work-in-Process and Finished Goods Inventories } & \$ 0 \
\text { Sales } & \$ 50,000
\end{array}$$ The total Period Costs incurred this period equals:

Lorraine Corp The Total Period Costs Incurred This Period Equals: A) $15,000

Lorraine Corp The Total Period Costs Incurred This Period Equals:
A) $15,000