A manufacturing company that produces a single product has provided the following data concerning its most recent month ofoperations:Units in beginning inventoryUnits produced5,0004,900100Units soldUnits in ending inventoryVariable costs per unit:Direct materials$ 61$63$ 26$ 24Direct laborVariable manufacturing overheadVariable selling and administrative expenseFixed costs:Fixed manufacturing overheadFixed selling and administrative expense$ 105,000$ 49,000What is the variable costing unit product cost for the month?

Product costs are those cost which are incurred in creating the product. So, Unit Product cost for…

Answered: A manufacturing company that produces a…

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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JRM Inc., which has only one product, provided the following data for April: Sales @ P74/unit P636,400 Variable costs per unit: Fixed costs: Direct materials P12 Factory overhead P176,000 Direct labor 32 Selling & administrative 8,600 Factory overhead Selling & administrative 6 There are 200 units of inventory remaining at the end of April.
The following data is for a company that produces a single product. selling price 24 193 Units in beginning inventory Units produced Units sold 3,090 2,910 Variable costs per unit: Direct materials 24 24 24 24 53 Direct labor 59 variable manufacturing overhead variable selling and administrative expense Fixed costs: 15 13 Fixed manufacturing overhead Fixed selling and administrative $ 89,610 $ 8,730 Required: a. What is the unit product cost for the month under varlable costing? b. What Is the unit product cost for the month under absorption costing? C. Prepare a contribution format Income statement for the month using varlable costing. d. Prepare an Income statement for the month using absorption costing. e. Reconcile the varlable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using…
Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced $ 172 0 9,700 9,300 400 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 What is the net operating income (loss) for the month under variable costing? $6,000 $11,600 $17,600 ($40,000) $ 33 $75 $21 $ 25 $ 145,500 $ 10,300
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 154 2,560 2,230 330 51 24 $. 15 16 $92,160 $11,150 The tegross margin for the month under absorption costing is: Multiple Chotce $62.440 S15.610, K Prev 4: of 10 Next > ere to search
Aaron Corporation, which has only one 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 $ 147 0 6,900 6,600 300 Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the unit product cost for the month under variable costing? $ 24 $ 54 $ 18 $ 18 $ 186,300 $ 27,600 Multiple Choice $114 per unit $141 per unit $123 per unit
Davison Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price 2$ 95 Units in beginning inventory Units produced 5,000 4,900 Units sold Units in ending inventory 100 Variable costs per unit: Direct materials 26 $ 2$ $ 40 Direct labor 1 Variable manufacturing overhead Variable selling and administrative expense 4 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $40,000 $73,500 What is the total period cost for the month under variable costing?
Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month July August The product sells for $48 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 27,000 27,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income $ 108,000 172,000 $ 280,000 Required: 1. Determine the unit product cost under: a. Absorption costing. b. Variable costing. $ 5 11 3 2 $ 21 Units Sold 23,000 31,000 The company's Accounting Department has prepared the following absorption costing income statements for July and August: July August $ 1,104,000 $ 1,488,000 529,000 575,000 218,000 $ 357,000 713,000 775,000 234,000…
Aaron Corporation, which has only one 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 Multiple Choice Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the unit product cost for the month under variable costing? $110 per unit $137 per unit $143 0 $120 per unit 6,850 6,550 300 $93 per unit $23 $53 $17 $17 $184,950 $ 27,300
Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations Selling price $113 Units in beginning inventory 3700 Units produced 8,600 Units sold 8,700 Units in ending inventory 600 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 $ 24 $ 41 $5 $ 15 $68,800 $ 162,700 The company produces the same number of units every month, although the sales in units very from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month What is the net operating income for the month under absorption costing?
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units produced Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 1,000 $50 $47 $2 $8 $31,000 $69,000 There was no beginning or ending inventories. What is the unit product cost under variable costing?

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