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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- 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.…Dobosh Corporation has provided the following information: Cost per Unit $ 7.65 $ 4.25 $ 2.20 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling andadministrative expense $ 2.10 $ 1.15 Cost per Period $ 132,600 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 9,240 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 9,240 units? c. If 10,000 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. d. If 10,240 units are sold, what is the total amount of variable costs related to the units sold? a. Total product cost b. Total period cost c. Variable cost per unit sold d. Total variable costs $ 51,450 e. If 10,240 units are produced, what is the total amount of manufacturing overhead cost incurred? f. If the selling price is…
- 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 marginFasetech, Inc. has collected the following data. Please answer these general accounting questionPlease give me answer general accounting question
- The 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.)The selected answer is incorrectSkolnick 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?