A manufacturer reports direct materials of $6 per unit, direct labor of $3 per unit, and variable overhead of $5 per unit. Fixed overhead is $172,000 per year, and the company estimates sales of 17,200 units at a sales price of $26 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) 17,200 units are produced and 17.200 units are sold and (b) 21,500 units are produced and 17,200 units are sold. 2. If the company uses variable costing, how much would contribution margin differ if the company produced 21,500 units instead of producing 17,200? Assume the company sells 17,200 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) 17,200 units are produced and 17,200 units are sold and (b) 21,500 units are produced and 17,200 units are sold. Gross profit (a) 17,200 Units Produced and 17,200 Units Sold (b) 21,500 Units Produced and 17,200 Units Sold Required 1 Required 2 > Check m

A manufacturer reports direct materials of $6 per unit, direct labor of $3 per unit, and variable overhead of $5 per unit. Fixed overhead is $172,000 per year, and the company estimates sales of 17,200 units at a sales price of $26 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) 17,200 units are produced and 17.200 units are sold and (b) 21,500 units are produced and 17,200 units are sold. 2. If the company uses variable costing, how much would contribution margin differ if the company produced 21,500 units instead of producing 17,200? Assume the company sells 17,200 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) 17,200 units are produced and 17,200 units are sold and (b) 21,500 units are produced and 17,200 units are sold. Gross profit (a) 17,200 Units Produced and 17,200 Units Sold (b) 21,500 Units Produced and 17,200 Units Sold Required 1 Required 2 > Check m

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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