A1 Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows:2$4203 Selling price per fireplace4 Manufacturing costs:Variable per unit produced:6.Direct materials$135Direct labor$438.$37Variable manufacturing overheadFixed manufacturing overhead per year10 Selling and administrative expenses:11 Variable per unit sold12 Fixed per year9.$210,000$45$190,0001314 Units in beginning inventory15 Units produced during the year16 Units sold during the year5,0004,5001718 Use the data to answer the following.19A20 1. Assume the company uses variable costing:2122 Compute the unit product cost for one fireplace2324 Prepare a contribution margin income statement for the year2526 Sales27 Variable expenses:28 Variable cost of goods sold29 Variable selling and administrative expenses30 Contribution margin31 Fixed expenses:32 Fixed manufacturing overhead33 Fixed selling and administrative expenses34 Net operating income3536 Compute the number of fireplaces required to breakeven3738 2. Assume the company uses absorption costing:3940 Compute the unit product cost for one fireplace4142 Prepare an income statement for the year4344 Sales45 Cost of goods sold46 Gross margin47 Selling and administrative expenses48 Net operating income49

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Description: A1 Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows:2$4203 Selling price per fireplace4 Manufacturing costs:Variable per unit produced:6.Direct materials$135Direct labor$438.$37Variable manufacturing overhe

The income statement can be prepared using various approaches as variable costing and absorption…

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A Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follo $420 - Selling price per fireplace - Manufacturing costs: Variable per unit produced: Direct materials $135 Direct labor $43 $37 Variable manufacturing overhead eFixed manufacturing overhead per year 0 Selling and administrative expenses: 1 Variable per unit sold 2 Fixed per year 13 14 Units in beginning inventory 15 Units produced during the year 16 Units sold during the year 17 18 Use the data to answer the following. $210,000 $45 $190,000 5,000 4,500 19

A Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follo $420 - Selling price per fireplace - Manufacturing costs: Variable per unit produced: Direct materials $135 Direct labor $43 $37 Variable manufacturing overhead eFixed manufacturing overhead per year 0 Selling and administrative expenses: 1 Variable per unit sold 2 Fixed per year 13 14 Units in beginning inventory 15 Units produced during the year 16 Units sold during the year 17 18 Use the data to answer the following. $210,000 $45 $190,000 5,000 4,500 19

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $845, Selected data for the company's operations last year follow: 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 Fixed costs : Fixed manufacturing overhead Fixed selling and administrative 19,000 16,000 3,000 $ 260 $ 340 $ 57 $ 22 $ 910,000 $ 930,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gahelan. 1. Absorption costing unit product cost 2. Variable costing unit product cost
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