A manufacturer reports the following information below for its first three years in operation. Year 2 Income under variable costing Beginning inventory (units) Ending inventory (units) Fixed manufacturing overhead per unit Income for year 3 using absorption costing is: O $122,420. $112,690. $115,000. $117,290. $121,000. $ $ Year 1 82,000 860 7.00 $ 115,000 860 530 7.00 $ Year 3 121,000 530 0 7.00

A manufacturer reports the following information below for its first three years in operation. Year 2 Income under variable costing Beginning inventory (units) Ending inventory (units) Fixed manufacturing overhead per unit Income for year 3 using absorption costing is: O $122,420. $112,690. $115,000. $117,290. $121,000. $ $ Year 1 82,000 860 7.00 $ 115,000 860 530 7.00 $ Year 3 121,000 530 0 7.00

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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MC Qu. 8-30 Falisari Corporation has computed the following... Falisari Corporation has computed the following unit costs for the year just ended: Direct material used $ 22 Direct labor 19 Variable manufacturing overhead 37 Fixed manufacturing overhead 39 Variable selling and administrative cost 17 Fixed selling and administrative cost 30 Which of the following choices correctly depicts the per-unit cost of inventory under variable costing and absorption costing? Variable Costing Absorption Costing A. $ 78 $ 117 B. $ 78 $ 147 C. $ 95 $ 117 D. $ 95 $ 147 E. None of the answers is correct. Multiple Choice Choice A Choice B Choice C Choice D Choice E
A manufacturing company that produces a single 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 The total gross margin for the month under absorption costing is: Multiple Choice $81,900 $21,840 $128,430 $139,230 $ 144 0 3,020 2,730 290 $ 47 $21 $ 16 $9 $90,600 $35,490
Volume-Based Costing versus ABC Eastern Chemical Company produces three products. Theoperating results of the current year are:Product Sales Quantity Target Price Actual Price DifferenceA 1,000 $285.00 $286.00 $ 1.00B 5,000 297.60 255.60 (42.00)C 500 202.50 310.00 $107.50The firm sets the target price of each product at 150% of the product’s total manufacturing cost. Itappears that the firm was able to sell Product C at a much higher price than the target price of theproduct and lost money on Product B. Tom Watson, CEO, wants to promote Product C much moreaggressively and phase out Product B. He believes that the information suggests that Product C hasthe greatest potential among the firm’s three products because the actual selling price of Product Cwas almost 50% higher than the target price, while the firm was forced to sell Product B at a pricebelow the target price.Both the budgeted and actual factory overhead for the current year are $510,000. The actual unitssold for each product…
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Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead Given Belle Company's data, compute cost of finished goods in inventory under variable costing. Multiple Choice O $580,800 $1,452,000 $871,200 45,000 units 27,000 units $ 17 per unit $ 19 per unit $ 3 per unit $ 258,750 in total $702,000
Hayes Incorporated provided the following information for the current year: Beginning inventory Units produced Units sold Selling price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling/administrative costs Fixed selling/administrative costs What is the product cost per unit for the year using variable costing? Multiple Choice $162 $114 $138 260 units 910 units 960 units $ 310/unit $ 51/unit $ 32/unit $ 31/unit $ 43,680/year $ 24/unit $ 31,500/year
Compute for the net operating income under variable costing for year 2
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A manufacturer reports the following information below for its first three years in operation. Year 1 Year 2 Year 3 Income under variable costing $ 82,000 115,000 121,000 Beginning inventory (units) 0 860 530 Ending inventory (units) 860 530 0 Fixed manufacturing overhead per unit $ 7.00 $ 7.00 $ 7.00 Income for year 3 using absorption costing is: