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Bridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs: Variable cost per unit Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Fixed costs for year Fixed manufacturing overhead Fixed selling and administrative expenses $6.40 2.72 5.76 3.90 $284,214 241,400 Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400.

Bridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs: Variable cost per unit Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Fixed costs for year Fixed manufacturing overhead Fixed selling and administrative expenses $6.40 2.72 5.76 3.90 $284,214 241,400 Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400.

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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Current Attempt in Progress Bridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs: Variable cost per unit Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Fixed costs for year Fixed manufacturing overhead Fixed selling and administrative expenses $6.40 (a) 2.72 5.76 3.90 $284,214 241,400 Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400. Assume the company uses normal-absorption costing and uses the budgeted volume of 93,800 units to allocate the fixed overhead rate rather than the actual production volume of 94,600 units. The company expenses production volume variance to
Transcribed Image Text:Current Attempt in Progress Bridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs: Variable cost per unit Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Fixed costs for year Fixed manufacturing overhead Fixed selling and administrative expenses $6.40 (a) 2.72 5.76 3.90 $284,214 241,400 Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400. Assume the company uses normal-absorption costing and uses the budgeted volume of 93,800 units to allocate the fixed overhead rate rather than the actual production volume of 94,600 units. The company expenses production volume variance to
A (a) Assume the company uses normal-absorption costing and uses the budgeted volume of 93,800 units to allocate the fixed overhead rate rather than the actual production volume of 94,600 units. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. Do the following: 1. Calculate the manufacturing cost per unit. (Round per unit calculations and final answer to 2 decimal places, e.g. 15.25.) Manufacturing cost $ 2. Prepare a normal-absorption-costing income statement for 2022. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) eTextbook and Media per unit Save for Later BRIDGEPORT'S COMPANY Income Statement-Normal-Absorption Costing Attempts: 0 of 2 used 70.5 = Submit Answer
Transcribed Image Text:A (a) Assume the company uses normal-absorption costing and uses the budgeted volume of 93,800 units to allocate the fixed overhead rate rather than the actual production volume of 94,600 units. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. Do the following: 1. Calculate the manufacturing cost per unit. (Round per unit calculations and final answer to 2 decimal places, e.g. 15.25.) Manufacturing cost $ 2. Prepare a normal-absorption-costing income statement for 2022. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) eTextbook and Media per unit Save for Later BRIDGEPORT'S COMPANY Income Statement-Normal-Absorption Costing Attempts: 0 of 2 used 70.5 = Submit Answer
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