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 $ $

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

Section: Chapter Questions

Problem 1Q

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s === Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. Enter all amounts as positive values. Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Ending finished goods inventory Cost of goods sold 89 SEP 17 84 < Prev Case 1 16,000 12,000 8,100 5,900 3,800 7,900 6 of 8 tv Case 2 ‒‒‒ ‒‒‒ ▬▬▬…
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Part 2: Based on the data presented in the Unit VII Spreadsheet Template in Excel (Full Variable tab), complete thecalculations listed below.• Calculate the value of ending inventory under full or absorption costing.• Calculate the value of ending inventory under variable costing.Which method you think is more helpful to managers and why. Cookie Business Productions Costs: Direct material $ 0.60 Direct labor $ 1.00 Variable manufacturing overhead $ 0.40 Total variable manufacturing costs per unit $ 2.00 Fixed manufacturing overhead per year $ 139,000.00 In addition, the company has fixed selling and administrative costs: Fixed selling costs per year $ 50,000.00 Fixed administrative costs per year $ 65,000.00 Selling price per cookie $ 3.75 Number of cookies produced 2,780,000 Number of cookies sold 2,600,000 Full (absorption) costing : Full…
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