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1. Delight Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price. $110 Units in beginning inventory... Units produced. Units sold.. Units in ending inventory . 4,600 4,200 400 Variable costs per unit: Direct materials .. Direct labor.. $46 $28 $5 $10 Variable manufacturing overhead . Variable selling and administrative.. Fixed costs: Fixed manufacturing overhead.. Fixed selling and administrative. $55,200 $25,200 Required: a. What is the unit product cost for the month under absorption costing and variable costing? b. Prepare a contribution format income statement for the month using variable costing.

1. Delight Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price. $110 Units in beginning inventory... Units produced. Units sold.. Units in ending inventory . 4,600 4,200 400 Variable costs per unit: Direct materials .. Direct labor.. $46 $28 $5 $10 Variable manufacturing overhead . Variable selling and administrative.. Fixed costs: Fixed manufacturing overhead.. Fixed selling and administrative. $55,200 $25,200 Required: a. What is the unit product cost for the month under absorption costing and variable costing? b. Prepare a contribution format income statement for the month using variable costing.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer the first two part, I have posted the last part in another question

1. Delight Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price. $110 Units in beginning inventory.. Units produced . Units sold.. Units in ending inventory 4,600 4,200 400 ............. Variable costs per unit: Direct materials Direct labor... Variable manufacturing overhead .. Variable selling and administrative... $46 $28 $5 $10 Fixed costs: Fixed manufacturing overhead. Fixed selling and administrative. $55,200 $25,200 Required: a. What is the unit product cost for the month under absorption costing and variable costing? b. Prepare a contribution format income statement for the month using variable costing. c. Without preparing an income statement, determine the absorption costing net operating income for the month. (Hint: Use the reconciliation method.)
Transcribed Image Text:1. Delight Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price. $110 Units in beginning inventory.. Units produced . Units sold.. Units in ending inventory 4,600 4,200 400 ............. Variable costs per unit: Direct materials Direct labor... Variable manufacturing overhead .. Variable selling and administrative... $46 $28 $5 $10 Fixed costs: Fixed manufacturing overhead. Fixed selling and administrative. $55,200 $25,200 Required: a. What is the unit product cost for the month under absorption costing and variable costing? b. Prepare a contribution format income statement for the month using variable costing. c. Without preparing an income statement, determine the absorption costing net operating income for the month. (Hint: Use the reconciliation method.)
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