II. Fischer Automotive Systems fischer The Fischer Automotive.

II. Fischer Automotive Systems fischer The Fischer Automotive Systems (FAS) plant in Lovosice, AUTOMOTIVE SYSTEMS Czech Republic, uses an injection molding system to produce cup-holders for major automobile manufacturers, such as BMW, Ford and Volkswagen. While there are minor differences between their cup-holders, FAS’ cost system views them all as identical units. The Lovosice plant uses a standard costing system, with weighted-average costing, in which all over/under- applied overhead costs are closed to cost of goods sold at the end of each month. Lovosice maintains a very even production process from month-to-month. The Lovosice plant has two types of cost, direct materials which are added at the start of the process and fixed overhead, which is added evenly during the process. Fixed overhead is allocated based on the number of units. Fischer’s annual static budget for 2023, calls for producing 43.2 million cup-holders at Lovosice, using 10.8 million kilograms of plastic (at 60.60 per kilogram) and 651.84 million in fixed overhead. At February 28, 2023, the Lovosice plant has no raw material or work-in-process inventory, but has 200,000 cup-holders in finished goods inventory, with a total cost of 6270,000. Each cup- holder in finished goods at the end of February has E0.99 in fixed overhead. At March 31, 2023, the plant has no raw material or work-in-process inventory, but has 300,000 cup-holders in finished goods inventory. During March, 2023 Lovosice actually produces 4 million cup-holders. Total actual costs were $5,420,000, including 1,000,000 kilograms of plastic at 60.65 per kilogram). 1. What amount will appear on the Lovosice plant’s balance sheet for inventory as of March 31, 2023 under absorption costing? Under variable costing?

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