CesNumber of Canoes Produced and SoldTotal costsVariable costsFixed costsTotal costsCost per unitVariable cost per unitFixed cost per unitTotal cost per unitRequired 1 Required 3Number of Canoes Produced and SoldTotal costsVariable costsFixed costsTotal costsCost per unitComplete this question by entering your answers in the tabs below.Required 4Complete the table.Note: Round your cost per unit answers to 2 decimal places.Variable cost per unitFixed cost per unitTotal cost per unitRequired:1. Complete the table.3. Suppose Riverside sells its canoes for $503 each. Calculate the contribution margin per canoe and the contribution margin ratio.4. Next year Riverside expects to sell 855 canoes. Complete the contribution margin income statement for the company.$505$$ 70,700148,700$ 219,400$50527?70,700148,700219,400 $0.00655$655??????0.000 $$8058052??22?00.00

MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…

Answered: ces Number of Canoes Produced and Sold…

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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a. What is the traditional unit product cost for the deluxe model now? (round your intermediate calculations and final answer to 2 decimal places.) b. What is the traditional unit product cost for the tourist model? (Round your intermediate calculations and final answer to 2 deimal places) c. What is the ABC unit product cost for the deluxe model now? (Round your intermediate calculations and final answer to 2 decimal places.) d. What is the ABC product cost for the tourist model? (Round your intermediate calculations and final answer to 2 decimal places.)
N2.
Exercise 2-37 (Static) Basic Concepts (LO 2-1, 2, 6) Lillbridge & Friends, Incorporated provides you with the following data for its single product Sales price per unit Fixed costs (per quarter): Selling, general, and administrative (SG&A) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter a Prime cost per unit b. Contribution margin per unit Gross margin per unit d. Conversion cost per unit Variable cost per unit t Full absorption cost per unit Variable production cost per unit h Full coll per unk 500,000 units 4 Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600.000 per quartert Note: Round your answers to 2 decimal places. 15 S $ S 19.00 17.00 13.00 26.00 33.00 37.00 $ 50 1,500,000 4,500,000 $28.00 11 19 500,000 units…
Arntson, Incorporated, manufactures and sells two products: Product R3 and Product NO. The annual production and sales of Product of R3 is 800 units and of Product NO is 500 units. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Product R3 Product NO Total direct labor-hours Activity Cost Pools Labor-related Production orders. Order size Direct Labor- Expected Hours Per Production 800 500 The direct labor rate is $20.80 per DLH. The direct materials cost per unit is $276.00 for Product R3 and $280.00 for Product NO. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Overhead Cost Activity Measures DLHS orders MHS Unit 4.0 2.0 Total Direct Labor- Hours 3,200 1,000 4, 200 $ 40,836 64, 650 433, 275 $ 538,761 Expected Activity Product R3 Product No 1,000 3,200 900 500 2,500 3,100…
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Larned Recreational builds two models of dune buggies: Sport and Custom. Both models require the same assembly and finishing process and are assembled in the same factory. They differ in the quality and detail of the materials. The following data reflect expected operations for the upcoming year. Number of units Direct materials cost per unit Conversion costs: Direct labor Overhead Total Sport 3,200 $ 400 Custom Required A Required B 1,800 $ 1,100 Total 5,000 $ 1,920,000 2,608,000 $ 4,528,000 Required: a. Larned Recreation uses operations costing and assigns conversion costs based on the number of units assembled. Compute the cost per unit of the Sport and Custom models for the upcoming year. b. The financial team at Larned suggests that a two-stage system be used to compute the product cost of the two models. Their recommendation is to assign direct labor cost based on the number of units and overhead cost based on direct materials cost. Compute the cost per unit of the Sport and…
Chapter 1: Applying Excel: Excel Worksheet (Part 1 of 2) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell C18 enter the formula "= B6". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts in both the traditional and contribution format income statements match the numbers in Exhibit 1-7. Check your worksheet by changing the variable selling cost in the Data area to $900, keeping all of the other data the same as in Exhibit 1-7. If your worksheet is operating properly, the net operating income under the traditional format income statement and under the contribution format income statement should now be $700 and the contribution margin should now be $4,700. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking “Browse.” Next, click…
A-3
Base from the data, determine the correct cost classifications: Cost ltem Cost at 100 units Cost at 140 units P P8,000 P10,560 L P5,000 P5,000 A P6,500 P9,100 Y P6,700 P8,580 Cost P Cost L Cost A Cost YA. variable fixed mixed variableB. variable fixed variable variableC. mixed fixed mixed mixedD. mixed fixed variable mixed
Question 1 Answer: Question 2 a Total Manufacturing Costs: Variable Fixed Factory Overhead Total Cost Per Unit b Markup Percentage % Seling Price
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