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Business
Accounting
$83,000 $42,000 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative $20,600 32,200 $52,800 $14,800 23,600 $38,400 $ 5,400 expense Fixed administrative 27,800 expense Total administrative $33,200 expense

$83,000 $42,000 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative $20,600 32,200 $52,800 $14,800 23,600 $38,400 $ 5,400 expense Fixed administrative 27,800 expense Total administrative $33,200 expense

FINANCIAL ACCOUNTING
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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Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $83,000 $42,000 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative $20,600 32,200 $52,800 $14,800 23,600 $38,400 $ 5,400 expense Fixed administrative expense Total administrative 27,800 $33,200 expense Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost? 2. With respect to cost classifications for assigning costs to cost objects: a. What is total direct manufacturing cost? b. What is the total indirect manufacturing cost? 3. With respect to cost classifications for manufacturers: a. What is the total manufacturing cost? b. What is the total nonmanufacturing cost? c. What is the total conversion cost and prime cost? 4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? Complete this question by entering your answers in the tabs below. Required Required Required Required Required 3. 5 4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? (Round your answer to the nearest whole dollar amount.) Show less A 4a. Total variable manufacturing cost 4b. Total fixed cost Variable cost per unit produced 4c. and sold
Transcribed Image Text:Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $83,000 $42,000 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative $20,600 32,200 $52,800 $14,800 23,600 $38,400 $ 5,400 expense Fixed administrative expense Total administrative 27,800 $33,200 expense Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost? 2. With respect to cost classifications for assigning costs to cost objects: a. What is total direct manufacturing cost? b. What is the total indirect manufacturing cost? 3. With respect to cost classifications for manufacturers: a. What is the total manufacturing cost? b. What is the total nonmanufacturing cost? c. What is the total conversion cost and prime cost? 4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? Complete this question by entering your answers in the tabs below. Required Required Required Required Required 3. 5 4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? (Round your answer to the nearest whole dollar amount.) Show less A 4a. Total variable manufacturing cost 4b. Total fixed cost Variable cost per unit produced 4c. and sold
Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 2 3 4 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? (Round your answer to the nearest whole dollar amount.) Show lessA Incremental cost per unit 5а. produced < Required 4 Required 5 >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 2 3 4 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? (Round your answer to the nearest whole dollar amount.) Show lessA Incremental cost per unit 5а. produced < Required 4 Required 5 >
Expert Solution
Step 1: Product and Period Cost

Product cost: Product cost of a product refers to the manufacturing cost of producing one unit of a product. It includes, direct material cost, direct labor cost, and factory or manufacturing overhead.

Period cost: Period costs are the costs which are not allocable to a particular unit of product and hence to be charged off against the revenue at the end of a period. It includes all the general selling and administrative overhead.

Accounting homework question answer, step 1, image 1

Total product cost: $177,800

Total period cost: $71,600

 

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