A company reports sales of $260,000, wages totaling $100,000 for production workers, and the plant manager's salary of $75,000. Under the variable costing method, the manufacturing margin is A) $85,000 B) $160,000 C) $360,000 D) None of the above
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- What would be the effect on operating income??A manufacturer reports direct materials of $4 per unit, direct labor of $1 per unit, and variable overhead of $3 per unit. Fixed overhead is $128,000 per year, and the company estimates sales of 12,800 units at a sales price of $20 per unit for the year. The company has no beginning finished goods inventory. 1. If the company uses absorption costing, compute gross profit assuming (a) 12,800 units are produced and 12,800 units are sold and (b) 16,000 units are produced and 12,800 units are sold. 2. If the company uses variable costing, how much would contribution margin differ if the company produced 16,000 units instead of producing 12,800? Assume the company sells 12,800 units. Hint: Calculations are not required.A manufacturer reports direct materials of $5 per unit, direct labor of $2 per unit, and variable overhead of $3 per unit. Fixed overhead is $152,000 per year, and the company estimates sales of 15,200 units at a sales price of $23 per unit for the year. The company has no beginning finished goods inventory. 1. If the company uses absorption costing, compute gross profit assuming (a) 15,200 units are produced and 15,200 units are sold and (b) 19,000 units are produced and 15,200 units are sold. 2. If the company uses variable costing, how much would contribution margin differ if the company produced 19,000 units instead of producing 15,200? Assume the company sells 15,200 units. Hint: Calculations are not required. Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the company uses absorption costing, compute gross profit assuming (a) 15,200 units are produced and 15,200 units are sold and (b) 19,000 units are produced and 15,200 units are sold.…
- The following data are from the accounting records of Niles Castings for year 2. Units produced and sold 87,000 Total revenues and costs Sales revenue $ 290,000 Direct materials costs 68,000 Direct labor costs 39,000 Variable manufacturing overhead 13,000 Fixed manufacturing overhead 47,000 Variable marketing and administrative costs 14,000 Fixed marketing and administrative costs 36,000 Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Please answer reuired a,bPlease answer in text form without image, answer all requirementsGibson Manufacturing Company makes a product that sells for $74.60 per unit. Manufacturing costs for the product amount to $25.10 per unit variable, and $65,100 fixed. During the current accounting period, Gibson made 3,100 units of the product and sold 2,600 units. Selling and administrative expenses were zero. Required a. Prepare an absorption costing income statement. b. Prepare a variable costing income statement.
- During the current period, 14,000 units were produced and 12,000 units were sold. Fixed manufacturing costs incurred amounted to $126,000. An absorption costing income statement would report fixed manufacturing costs as which of the following? Select one: a.Costs of $108,000 as a deduction from gross profit to obtain operating income b.Overhead of $126,000 as a deduction from sales revenue to obtain gross profit c.Overhead of $108,000 as a deduction from sales revenue to obtain gross profit d.Costs of $126,000 as a deduction from sales revenue to obtain contribution marginThe total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)XYZ Corporation has provided the following data concerning its overhead costs for the coming year: Wages and salaries Depreciation Rent Total The company has an activity-based costing system with the following three activity cost pools and estimated activity for the coming year: Activity Cost Pool Assembly Order processing Other Wages and salaries Depreciation $ 420,000 160,000 180,000 $760,000 Not Rent Total Activity 40,000 labor-hours 700 orders The Other activity cost pool does not have a measure of activity; it is used to accumulate costs of idle capacity and organization-sustaining costs. The distribution of resource consumption across activity cost pools is given below: applicable Assembly 35% 15% 35% Activity Cost Pools Order Processing 30% 45% 30% The activity rate for the Order Processing activity cost pool is closest to: Other 35% 40% 35% Total 100% 100% 100%
- Skolnick Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.00 Direct labor $ 4.20 Variable manufacturing overhead $ 1.30 Fixed manufacturing overhead $ 126,000 Sales commissions $ 1.50 Variable administrative expense $ 0.35 Fixed selling and administrative expense $ 41,400 Required: a. If 9,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round intermediate calculations.) b. If 9,000 units are produced, what is the total amount of indirect manufacturing costs incurred?Summit Builders Corp. reports the following information regarding its production cost: please answer the general accounting questionPlease help me