$ 134 Selling price Units in beginning inventory Units produced 7,600 Units sold 7,300 Units in ending inventory Variable costs per unit: 300 $ 49 $ 52 $ 6 $ 11 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $68,400 $36,500

$ 134 Selling price Units in beginning inventory Units produced 7,600 Units sold 7,300 Units in ending inventory Variable costs per unit: 300 $ 49 $ 52 $ 6 $ 11 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $68,400 $36,500

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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INFORMATION RAW MATERIAL STOCK Meters Cost per metre Total amount Opening Balance (1 Jan 2023) Purchases 25 Feb 2023 600 m R39 500 4 215 m R316 710 2 220 m R72.00 R159 840 25 May 2023 1 680 m R78.00 R131 040 25 August 2023 R82.00 R25 830 Returns: (damaged stock) 25 May 2023 195 m R78,00 Closing balance (31 Dec 2023) 495 m Stock sent to the factory 4 125 m The previous bookkeeper prepared a factory overhead cost note but did not take into account the items listed below. Their total was R44 188. Note that the other cost accounts were adjusted accordingly. Rent Expense Water & Electricity Insurance Office sundry expenses 72 252 51 840 22 050 9570 ⚫Rent must be allocated according to floor space occupied. The factory occupies 500 m², the sales department occupies 300 m²and the office occupies 100 m². 75% of the water and electricity relates to the factory. • Insurance on equipment is allocate in the ratio 3:2: 1 between the factory, sales and office departments. Note that insurance is a…
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Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 47,000 units during the month with the following unit costs: Direct materials $4.80 Direct labor 2.80 Variable overhead 1.40 Fixed overhead* 6.80 Variable marketing cost 1.10 * Fixed overhead per unit = $319,600 / 47,000 units produced = $6.80 Total fixed factory overhead is $319,600 per month. During October, 46,000 units were sold at a price of $24.5, and fixed marketing and administrative expenses were $117,600. Required: 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank ce3411029f88017_1 per unit 2. How many units remain in ending inventory?fill in the blank ce3411029f88017_2 units What is the cost of ending inventory using variable costing?$fill in the blank ce3411029f88017_3 3. Prepare a variable-costing income statement for Pattison Products,…
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Units in beginning inventory 0 Units produced 18,000 Units sold 15,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 270 Direct labor $ 380 Variable manufacturing overhead $ 48 Variable selling and administrative $ 21 Fixed costs: Fixed manufacturing overhead $ 650,000 Fixed selling and administrative $ 480,000 1.Absorption costing unit product cost: 2.Variable costing unit product cost:
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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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vaion Company manuell ve prvous me ivivning mvmvn perwina w eULT VIDE Lumpanya m www youro vi operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, It produced 40,000 units and sold 50,000 units. The selling price of the company's product is $57 per unit. Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an Income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating Income In Year 1.…