DEF Co., which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $130 0 7,400 7,100 80 $25 $45 $5 $6 $195,500 $105,500 Required: a) What is the unit product cost for the month under variable costing? b) What is the unit product cost for the month under absorption costing? c) Prepare an income statement for the month using the contribution format and the variable costing method. d) Prepare an income statement for the month using the absorption costing method. e) Reconcile the variable costing and absorption costing operating incomes for the month.

DEF Co., which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $130 0 7,400 7,100 80 $25 $45 $5 $6 $195,500 $105,500 Required: a) What is the unit product cost for the month under variable costing? b) What is the unit product cost for the month under absorption costing? c) Prepare an income statement for the month using the contribution format and the variable costing method. d) Prepare an income statement for the month using the absorption costing method. e) Reconcile the variable costing and absorption costing operating incomes for the month.

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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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
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1. Cabaret Corporation produces a single product. Data concerning the company's operations last year appear below: Units in beginning inventory... Units produced. Units sold....... Selling price per unit.. Variable costs per unit: Direct materials. Direct labor. Variable manufacturing overhead.. Variable selling and administrative. Fixed costs in total: Fixed manufacturing overhead... Fixed selling and administrative... Assume direct labor is a variable cost. 10,000 9,000 $60 $15 $5 $2 $4 $200,00 0 $70,000 Required: a. Compute the unit product cost under both absorption and variable costing. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.
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A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units produced Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 1,000 $50 $47 $2 $8 $31,000 $69,000 There was no beginning or ending inventories. What is the unit product cost under variable costing?
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Trio Company reports the following information for its first year of operations. $ 20 per unit $ 21 per unit $ 9 per unit $ 263,250 per year 20,250 units 15,500 units 4,750 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Exercise 19-2 (Algo) Computing unit and inventory costs under variable costing LO P1 Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit $ Variable costing 0 per unit
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