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absorption costing, calculate the unit product cost. (Round your final answer to the Absorption costing

absorption costing, calculate the unit product cost. (Round your final answer to the Absorption costing

FINANCIAL ACCOUNTING
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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Salem, Inc. has collected the following data for November (there are no beginning inventories) (Click the icon to view the data) Read the requirements Requirement 1. Using absorption costing, calculate the unit product cost. (Round your final answer to the nearest cent.) Unit product cost Requirement 2. Prepare an income statement using the traditional format Absorption costing Salem, Inc. Income Statement (Absorption Costing) For the Month Ended November 30 Operating Income Data table Units produced and sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs - X 700 units $475 per unit 57 per unit 58 per unit 18 per unit 10.850 per month 60 per unit 5,100 per month
Transcribed Image Text:Salem, Inc. has collected the following data for November (there are no beginning inventories) (Click the icon to view the data) Read the requirements Requirement 1. Using absorption costing, calculate the unit product cost. (Round your final answer to the nearest cent.) Unit product cost Requirement 2. Prepare an income statement using the traditional format Absorption costing Salem, Inc. Income Statement (Absorption Costing) For the Month Ended November 30 Operating Income Data table Units produced and sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs - X 700 units $475 per unit 57 per unit 58 per unit 18 per unit 10.850 per month 60 per unit 5,100 per month
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