t8Question 1 of 2 - Chapter 19 HW

Variable Costing, Absorption Costing During its first year of operations, Snobegon, Inc. (located in Lake Snobegon, Minnesota), produced 40,900 plastic snow scoops. Snow scoops are oversized shovel-type scoops that are used to push snow away. Unit sales were 38,900 scoops. Fixed overhead was applied at $0.75 per unit produced. Fixed overhead was underapplied by $2,900. This fixed overhead variance was closed to Cost of Goods Sold. There was no variable overhead variance. The results of the year's operations are as follows (on an absorption-costing basis): Sales (38,900 units @ $20) $778,000 Less: Cost of goods sold 547,260 Gross margin $230,740 Less: Selling and administrative expenses (all fixed) 184,500 Operating income $ 46,240 Required: 1. Calculate the cost of the firm's ending inventory under absorption costing. Round unit cost to five decimal places. Round your final answer to the nearest dollar. %24 What is the cost of the ending inventory under variable costing? Round unit…

Part 2: Based on the data presented in the Unit VII Spreadsheet Template in Excel (Full Variable tab), complete thecalculations listed below.• Calculate the value of ending inventory under full or absorption costing.• Calculate the value of ending inventory under variable costing.Which method you think is more helpful to managers and why.  Cookie Business     Productions Costs:   Direct material  $        0.60 Direct labor  $        1.00 Variable manufacturing overhead  $        0.40 Total variable manufacturing costs per unit  $        2.00     Fixed manufacturing overhead per year  $  139,000.00     In addition, the company has fixed selling and administrative costs: Fixed selling costs per year  $    50,000.00 Fixed administrative costs per year  $    65,000.00     Selling price per cookie   $              3.75     Number of cookies produced        2,780,000 Number of cookies sold        2,600,000     Full (absorption) costing :       Full…

Compute the product margins for the B300 and T500 under the company’s traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

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Blueberry Company reports the following information: Direct Materials $10 / unit Direct Labor $20 / unit Variable Overhead $10 / unit Fixed Overhead $160,000 for the year Units Produced $20,000 Units Sold $18,000 IF we use absorption costing - what is the product cost / unit? How much cost would be added to ending inventory for the period. IF we use variable costing - what is the product cost / unit? How much cost would be added to ending inventory for the period?

Prepare Income statement for the month of December 2020 assuming absorption Costing and Variable Costing and state the reason for difference in income computed between absorption costing and variable costing.

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You have been provided the following data relating to Milestone Ltd.: Particulars Selling Price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per Unit: Direct Material Direct Labor Variable manufacturing overhead Variable selling and administrative overhead Fixed Costs: Fixed manufacturing overhead Fixed selling and administartive Amount S S S S S S S 195 2,120 1,550 570 250 92 am 35 13 7 29,680 29,450 Calculate the total period cost for the month under variable costing method. a. Total period cost under the variable costing is $62,580 b. Total period cost under the variable costing is $69,980 c. Total period cost under the variable costing is $83,900 d. Total period cost under the variable costing is $50,350

Preparing variable and absorption costing income statements This problem continues the Piedmont Computer Problem situation from Chapter 20. Piedmont Computer Company manufactures personal computers and tablets. Based on the latest information from the cost accountant, using the current sales mix, the weighted-average sales price per unit is $750 and the weighed-average variable cost per unit is $450. The company does not expect the sales mix to vary for the next year. Assume the beginning balance in Finished Goods Inventory is $0. Additional data for the first month of 2020: Requirements Compute the product cost per unit produced under absorption costing and under variable costing. Prepare income statements for January 2020 using: absorption costing. variable costing. 3. Is operating income higher under absorption costing or variable costing in January? What causes the difference?

Brindle Arts uses Variable Costing for internal purposes, but uses Absorption Costing for their financial reports. The following information is for Quarter 4, 2021 and Quarter 1, 2022.     Calculate unit product costs for Quarters 4 and 1 for Variable and Absorption Costing. Prepare an income statement for each method, then show why there is a difference between the two.                   Selling price per unit  $            150                           Quarter 4 Quarter 1   Variable costs per unit   Units in beginning inventory                    -                 1,750   Direct materials  $        45.00   Production (in units)           15,000            10,750   Direct labor  $        20.00   Sales (in units)           13,250            12,500   Variable overhead  $        15.00   Ending inventory             1,750                     -      Variable S&A  $        10.00                 Fixed Costs in total per quarter         Fixed manufacturing overhead…

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