Check my work mode: Thi Ida Company produces a handcrafted musical inst $795. Selected data for the company's operations 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Required: 1. Assume that the company uses absorption cost calculations and final answer to the nearest who 2. Assume that the company uses variable costing Answer is complete but not entirel 1. Absorption costing unit product cost 2. Variable costing unit product cost $ $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It d
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for
$795. Selected data for the company's operations last year follow:
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
Fixed costs:
Fixed manufacturing overhead
Fixed selling and administrative
Required:
0
13,000
10,000
3,000
$ 180
$ 390
$ 51
$ 23
$ 700,000
$ 430,000
1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate
calculations and final answer to the nearest whole dollar amount.)
2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
> Answer is complete but not entirely correct.
1. Absorption costing unit product cost
2. Variable costing unit product cost
$
698 X
$
644 X
69
Transcribed Image Text:Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It d Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $795. Selected data for the company's operations last year follow: 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Required: 0 13,000 10,000 3,000 $ 180 $ 390 $ 51 $ 23 $ 700,000 $ 430,000 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. > Answer is complete but not entirely correct. 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 698 X $ 644 X 69
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