O:Select text.....attendee?3. Suppose instead that 175 persons attend? What is National Training's total net cost and the cost perattendee?4. How should National Training charge customers for their services? Explain briefly.2-32 Total and unit cost, decision making. Gayle's Glassworks makes glass flanges for scientific use.Materials cost $1 per flange, and the glass blowers are paid a wage rate of $28 per hour. A glass blowerblows 10 flanges per hour. Fixed manufacturing costs for flanges are $28,000 per period. Period (nonmanu-facturing) costs associated with flanges are $10,000 per period and are fixed.Required1. Graph the fixed, variable, and total manufacturing cost for flanges, using units (number of flanges) anthe x-axis.2. Assume Gayle's Glassworks manufactures and sells 5,000 flanges this period. Its competitor, Flora'sRasks, sells flanges for $10 each. Can Gayle sell below Flora's price and still make a profit on theflanges?3. How would your answer to requirement 2 differ if Gayle's Glassworks made and sold 10,000 flanges thisperiod? Why? What does this indicate about the use of unit cost in decision making?2-33 Inventoriable costs versus period costs. Each of the following cost items pertains to one of theseies: Best BuyhesNet la sea. Cost of phones and computers available for sale in Best Buy's electronics departmentb. Electricity used to provide lighting for assembly-line workers at a KitchenAid manufacturing plantc. Depreciation on HughesNet satellite equipment used to provide its servicesd. Electricity used to provide lighting for Best Buy's store aislese. Wages for personnel responsible for quality testing of the KitchenAid praducts during the assemblyrchandising-sector company), KitchenAid (a manufacturing-sector company),ctor companyi:processf. Salaries of Best Buy's marketing personnel planning local-newspaper advertising campaignsg. Perrier mineral water purchased by HughesNet for consumption by its software engineersh. Salaries of HughesNet area sales managersi. Depreciation on vehicles used to transport KitchenAid products to retail stores1. Distinguish between manufacturing-, merchandising-, and service-sector companies.2. Distinguish between inventoriable costs and period costs.3. Classify each of the cost items (a-i) as an inventoriable cost ar a period cost. Explain your answers.RequiredMyAccountingLabProblems2-34 Computing cost of goods purchased and cost of goods sold. The following data are for MarvinDepartment Store. The account balances (in thousands) are for 2017.$ 37,000Marketing, distribution, and customer-service costsMerchandise inventory, January 1, 201727,000Utilities17,000General and administrative costs43,000Merchandise inventory, December 31, 2017PurchasesMiscellaneous costsTransportation-in34,000155,0004,0007,000Purchase returns and allowances4,000Purchase discounts6,000Revenues280,0001. Compute (a) the cost of gaods purchased and (b) the cost of goods sold.2 Prepare the income statement for 2017.RequiredASSKGNMENT MATERIAL2-35 Cost of goods purchased, cost of goods sold, and income statement. The following data are forArizona Retail Outlet Stores. The account balances lin thousands) are for 2017.$ 55,200Marketing and advertising costsMerchandise inventory, January 1, 2017Shipping of merchandise to customersDepreciation on store fixtures103,5004,6009,660Purchases598,000General and administrative costs73,600Merchandise inventory, December 31, 2017Merchandise freight-in119,60023,000Save to my Dropbox

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2-33 Inventoriable costs versus period costs. Each of the following cost items pertains to one of these ies: Best Bu shesNet la se a Cost of phones and computers available for sale in Best Buy's electronics department b. Electricity used to provide lighting for assembly-line workers at a KitchenAid manufacturing plant e. Depreciation on HughesNet satellite equipment used to provide its services d. Electricity used to provide lighting for Best Buy's store aisles e. Wages for personnel responsible for quality testing of the KitchenAid products during the assembly process 1. Salaries of Best Buy's marketing personnel planning local-newspaper advertising campaigns 9. Perrier mineral water purchased by HughesNet for consumption by its software engineers h. Salaries of HughesNet area sales managers i. Depreciation on vehicles used to transport KitchenAid products to retail stores rchandising-sector company), KitchenAid (a manufacturing-sector company). ctor companyt: 1. Distinguish between manufacturing-, merchandising-, and service-sector companies. 2 Distinguish between inventoriable costs and period costs. 3. Cassify each of the cost items (a-i) as an inventoriable cost or a period cost. Explain your answers.

2-33 Inventoriable costs versus period costs. Each of the following cost items pertains to one of these ies: Best Bu shesNet la se a Cost of phones and computers available for sale in Best Buy's electronics department b. Electricity used to provide lighting for assembly-line workers at a KitchenAid manufacturing plant e. Depreciation on HughesNet satellite equipment used to provide its services d. Electricity used to provide lighting for Best Buy's store aisles e. Wages for personnel responsible for quality testing of the KitchenAid products during the assembly process 1. Salaries of Best Buy's marketing personnel planning local-newspaper advertising campaigns 9. Perrier mineral water purchased by HughesNet for consumption by its software engineers h. Salaries of HughesNet area sales managers i. Depreciation on vehicles used to transport KitchenAid products to retail stores rchandising-sector company), KitchenAid (a manufacturing-sector company). ctor companyt: 1. Distinguish between manufacturing-, merchandising-, and service-sector companies. 2 Distinguish between inventoriable costs and period costs. 3. Cassify each of the cost items (a-i) as an inventoriable cost or a period cost. Explain your answers.

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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Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year 60 24 24 $ 528,000 22 8 $4 $ 105,000 11 la. Assume the company uses absorption costing. Determine its product cost per unit. Absorption costing Per unit product cost using:
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ok t For each of the following independent cases (A to E), compute the missing values in the table: Case A C D E Prime Conversion Cost Cost $ 9,560 $ 16,470 $ 57,300 110,600 48,750 Direct Materials 3,950 10,130 41,500 20,500 Direct Manufacturing Labor Overhead 7,400 12,650 14,400 $ 10,860 25,200 24,300 Total Manufacturing Cost 42,730 69,250 57,500