23 Sales Projections in Units#JanuaryFebruaryMarch5678914150 Projected Sales Price/Unit$1112 Monthly Projected Selling & Administrative Expenses1316177 18 9 20 21 2 23 24 25 25 27 28 29 20 31 2 33 4 5 36 37 38 391922AprilMay20 Materials32Variable Cost/UnitFixed Costs34Production:35Desired Ending InventoryBeginning26 Direct LaborInventory (new business)Desired Ending InventoryNumber of Materials per UnitProjected Cost/Material UnitBeginning Inventory (new business)30 Manufacturing OverheadVariable Cost/UnitFixed CostsTime per Unit (in hours)per HourCost21,94528,615$42,94854,52634,817$12.00$ 2,662.00$$206.0052.6%081.0%07.05.001.00$ 16.005.003,909 381011129 Purchased141516Units to be producedMaterial/Unit17Total Production NeedDesired Ending InventoryTotal Materials NeededBeginning InventoryTotal Materials Needed to beCost per Unit of MaterialTotal Material CostMATERIALS REQUIREMENTS BUDGETMaterial/unitCost per Unit of MaterialCost of Material per ProductJanuaryFebruaryMarchApril

Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…

9 14 15 Projected Sales Price/Unit $ 1 2 Monthly Projected Selling & Administrative Expenses 13 16 17 Sales Projections in Units January February March April May 21 22 18 19 20 Materials 23 24 25 28 29 32 88 ल Variable Cost/Unit Fixed Costs 26 Direct Labor 27 Production: 33 Desired Ending Inventory Beginning Inventory (new business) 34 30 Manufacturing Overhead 31 Variable Cost/Unit Fixed Costs Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) Time per Unit (in hours) Cost per Hour $ 21,945 28,615 42,948 54,526 34,817 $ 12.00 $ 2,662.00 $ 206.00 $ $ 52.6% 0 81.0% 0 7.0 5.00 1.00 16.00 5.00 3,909

9 14 15 Projected Sales Price/Unit $ 1 2 Monthly Projected Selling & Administrative Expenses 13 16 17 Sales Projections in Units January February March April May 21 22 18 19 20 Materials 23 24 25 28 29 32 88 ल Variable Cost/Unit Fixed Costs 26 Direct Labor 27 Production: 33 Desired Ending Inventory Beginning Inventory (new business) 34 30 Manufacturing Overhead 31 Variable Cost/Unit Fixed Costs Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) Time per Unit (in hours) Cost per Hour $ 21,945 28,615 42,948 54,526 34,817 $ 12.00 $ 2,662.00 $ 206.00 $ $ 52.6% 0 81.0% 0 7.0 5.00 1.00 16.00 5.00 3,909

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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hts 04:50:50 Pacheo Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ 81 500 1,500 1,600 400 $ 19 $ 16 $ 1 $ 11 $22,500 $ 3,200 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required: a. What is the unit product cost for the month under 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…
Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 42,000 units during the month with the following unit costs: Direct materials $4.30 Direct labor 2.30 Variable overhead 1.15 Fixed overhead* 6.30 Variable marketing cost 0.85 * Fixed overhead per unit = $264,600 / 42,000 units produced = $6.30 Total fixed factory overhead is $264,600 per month. During October, 40,800 units were sold at a price of $25.25, and fixed marketing and administrative expenses were $118,300. Required: Question Content Area 1. Calculate the cost of each unit using variable costing. Round the final answer to the nearest cent. $fill in the blank per unit 2. How many units remain in ending inventory?fill in the blank What is the cost of ending inventory using variable costing?$fill in the blank Question Content Area 3. Prepare a variable-costing income statement for Pattison Products, Inc., for the month…
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Data Units Per unit Relevant? Sales price per unit 5,300 $ 106.00 No Direct materials per unit 23.00 ? Direct labor per unit 18.00 ? Variable manufacturing overhead per unit 14.00 Yes Fixed manufacturing overhead (MOH) : per month 27.00 Avoidable fixed MOH per month ? No Unavoidable fixed MOH per month ? No Sales commissions per unit 3.00 No Advertising costs per month 1.80 No Purchase price of outsourced product per unit 59.00 Yes Shipping costs of outsourced product per unit…
Question 5.1 Stark and Company would like to evaluate one of the product lines that they sell to the defense department. Every month the Stark and Company produce an identical number of units, although the sales in units differ from month to month. Selling price Units in beginning inventory $105 110 Units produced 6,400 Units sold 6,100 Units in ending inventory Variable costs per unit: 410 Direct materials $62 Direct labour $48 Variable manufacturing overhead Variable selling and administrative Fixed costs: $3 $7 Fixed manufacturing overhead Fixed selling and administrative $64,000 $35,600 Submission Instructions: 1. Under variable costing, identify the unit product cost for the month. 2. What is the unit product cost for the month under absorption costing? 3. Prepare an income statement for the month using the contribution format and the variable costing method. 4. Prepare an income statement for the month using the absorption costing method.
Exercise 7-14 Variable Costing Unit Product Cost and Income Statement; Break-Even Analysis [LO7-1, LO7-2] Chuck Wagon Grills, Inc., makes a single product-a handmade specialty barbecue grill that it sells for $200. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials 9,500 8,700 800 24 80 20 10 30 Direct labor Variable manufacturing overhead Variable selling and administrative 2$ Total variable cost per unit 140 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 170,000 160,000 $ 330,000 Total fixed costs Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses variable costing. Prepare a contribution format income statement for last year. 3. What is the company's break-even point in terms of the number of barbecue grills sold? Complete this question by entering…
PROBLEM 2. The management of B Company uses the following unit costs for the one product it manufactures Projected Cost Per Unit Direct Materials P30.00 Direct Labor 19.00 Variable Overhead 6.00 Fixed overhead (based on 10,000 units per month) 5.00 Variable selling and administrative Fixed selling and administrative (based on 10,000 units per month) 4.00 2.80 Units Beginning Inventory 2,000 Production 9,000 Available 11,000 Sales 7,500 Ending Inventory 3,500 REQUIRED: prepare projected income statements for June 2018 for management purposes under each of the following product costing methods: 1. Absorption costing with all variances charged to cost of goods sold for each month. 2. Direct (variable) costing 3. Supporting schedules calculating inventoriable production costs per unit. Ignore income taxes.
Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 47,000 units during the month with the following unit costs: Direct materials $4.80 Direct labor 2.80 Variable overhead 1.40 Fixed overhead* 6.80 Variable marketing cost 1.10 * Fixed overhead per unit = $319,600 / 47,000 units produced = $6.80 Total fixed factory overhead is $319,600 per month. During October, 46,000 units were sold at a price of $24.5, and fixed marketing and administrative expenses were $117,600. Required: 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank ce3411029f88017_1 per unit 2. How many units remain in ending inventory?fill in the blank ce3411029f88017_2 units What is the cost of ending inventory using variable costing?$fill in the blank ce3411029f88017_3 3. Prepare a variable-costing income statement for Pattison Products,…
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Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 46,000 units during the month with the following unit costs: Direct materials $5.50 Direct labor 3.50 Variable overhead 1.75 Fixed overhead* 7.50 Variable marketing cost 1.45 * Fixed overhead per unit = $345,000 / 46,000 units produced = $7.50 Total fixed factory overhead is $345,000 per month. During October, 44,700 units were sold at a price of $25.75, and fixed marketing and administrative expenses were $128,000. Required: 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $ per unit 2. How many units remain in ending inventory? units What is the cost of ending inventory using variable costing?
Trio Company reports the following information for its first year of operations. $ 20 per unit $ 21 per unit $ 9 per unit $ 263,250 per year 20,250 units 15,500 units 4,750 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Exercise 19-2 (Algo) Computing unit and inventory costs under variable costing LO P1 Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit $ Variable costing 0 per unit
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