company produces a single product. Váriáble productioh costs are ed manufacturing overhead totals $44,000 and fixed selling and administration expenses total $48,000. Assuming a beginning inventory of zero, oduction of 4,800 units and sales of 4,000 units, the dollar value of the ending inventory under variable costing would be: Multiple Choice $17,440 $10,240 $7,200

company produces a single product. Váriáble productioh costs are ed manufacturing overhead totals $44,000 and fixed selling and administration expenses total $48,000. Assuming a beginning inventory of zero, oduction of 4,800 units and sales of 4,000 units, the dollar value of the ending inventory under variable costing would be: Multiple Choice $17,440 $10,240 $7,200

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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The following data is for a company that produces a single product. selling price 24 193 Units in beginning inventory Units produced Units sold 3,090 2,910 Variable costs per unit: Direct materials 24 24 24 24 53 Direct labor 59 variable manufacturing overhead variable selling and administrative expense Fixed costs: 15 13 Fixed manufacturing overhead Fixed selling and administrative $ 89,610 $ 8,730 Required: a. What is the unit product cost for the month under varlable costing? b. What Is the unit product cost for the month under absorption costing? C. Prepare a contribution format Income statement for the month using varlable costing. d. Prepare an Income statement for the month using absorption costing. e. Reconcile the varlable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using…
3. The carrying value of ending inventory under variable costing would be: _________. Present as is if higher or present it in parenthesis if it is less ex: (200) 4. Under absorption costing, the cost of goods sold would be:
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The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales 0 8,600 5,900 $ 767,000 $ 172,000 $ 86,000 Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) $ 946,000 $ 118,000 The difference between the variable costing ending inventory and the absorption costing ending inventory is: Multiple Choice O 2,700 units times $115 per unit variable conversion cost plus $110 per unit fixed manufacturing cost 4 2,700 units times $115 per unit variable conversion cost plus $110 per unit fixed manufacturing cost plus $111.67 per unit indirect operating c 2,700 units times $105 per unit materials cost
Menk Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.80 Direct labor $ 3.80 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 20,200 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 10,100 Required: a. If 5,220 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. b. If 5,220 units are sold, what is the total amount of variable costs related to the units sold? c. If 5,220 units are produced, what is the total amount of manufacturing overhead cost incurred? a. Variable cost per unit sold b. Total variable costs c. Total manufacturing overhead cost
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On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 (23,000) $201,300 138,000 $63,300 Selling and administrative expenses 35,910 Income from operations $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590 Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300
Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead Belle Company's product is sold for $74 per unit a Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $300,000 per year. Compute the net income under variable costing. Multiple Choice O с $76,000 $176,000 $260,680 70,000 units 42,000 units $ 22 per unit $ 24 per unit $ 3 per unit $ 490,000 in total $126.000
Front Company had net income of $88,500 based on variable costing. Beginning and ending inventories were 2,400 units and 4,400 units, respectively. Assume the fixed overhead per unit was $8.70 for both the beginning and ending inventory. What is net income under absorption costing? Multiple Choice • 89,700 • $29,340 $147,660 S105,900 • S71,100
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Assume absorption costing net income is $42000, beginning inventory consists of O units and ending inventory consists of 840 units, the variable overhead rate is $10 per unit, and the fixed overhead rate is $15 per unit. Determine the net income under variable costing. $63000 $54600 $29400 $21000