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During January 2020, L Company produced 1,000 units of Product A with costs as follows: Materials P. 6,000 Labor 3,300 Variable factory overhead Fixed factory overhead Total manufacturing costs P 2,500 1,500 13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative Fixed selling and administrative P. 3,000 2,000 5,000 20.00 Selling price per unit P. L Company uses the JIT system. It does not keep inventories in stock. 11. What amount should be considered product cost for external reporting purposes? a. P13.30 12. What is the product cost per unit under variable costing? a. P13.30 13. What is the variable cost per unit for purposes of computing the contribution margin? b. P18.30 c. P11.80 d. P14.80 b. P18.30 C. P11.80 d. P14.80 a. P13.30 14. Under absorption costing, income for January 2020 was b. P18.30 c. P11.80 d. P14.80 a. P8,200 b. P5,200 c. P6,700 d. P1,700

During January 2020, L Company produced 1,000 units of Product A with costs as follows: Materials P. 6,000 Labor 3,300 Variable factory overhead Fixed factory overhead Total manufacturing costs P 2,500 1,500 13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative Fixed selling and administrative P. 3,000 2,000 5,000 20.00 Selling price per unit P. L Company uses the JIT system. It does not keep inventories in stock. 11. What amount should be considered product cost for external reporting purposes? a. P13.30 12. What is the product cost per unit under variable costing? a. P13.30 13. What is the variable cost per unit for purposes of computing the contribution margin? b. P18.30 c. P11.80 d. P14.80 b. P18.30 C. P11.80 d. P14.80 a. P13.30 14. Under absorption costing, income for January 2020 was b. P18.30 c. P11.80 d. P14.80 a. P8,200 b. P5,200 c. P6,700 d. P1,700

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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During January 2020, L Company produced 1,000 units of Product A with costs as follows: Materials P. 6,000 Labor 3,300 Variable factory overhead Fixed factory overhead Total manufacturing costs P 2,500 1,500 13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative Fixed selling and administrative 3,000 2,000 5,000 20.00 Selling price per unit P. I L Company uses the JIT system. It does not keep inventories in stock. 11. What amount should be considered product cost for external réporting purposes? a. P13.30 12. What is the product cost per unit under variable costing? b. P18.30 c. P11.80 d. P14.80 а. Р13.30 b. P18.30 c. P11.80 13. What is the variable cost per unit for purposes of computing the contribution margin? d. P14.80 а. Р13.30 b. P18.30 c. P11.80 14. Under absorption costing, income for January 2020 was d. P14.80 а. Р8,200 b. P5,200 c. P6,700 d. P1,700 Activate Win Go to Settings arch
Transcribed Image Text:During January 2020, L Company produced 1,000 units of Product A with costs as follows: Materials P. 6,000 Labor 3,300 Variable factory overhead Fixed factory overhead Total manufacturing costs P 2,500 1,500 13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative Fixed selling and administrative 3,000 2,000 5,000 20.00 Selling price per unit P. I L Company uses the JIT system. It does not keep inventories in stock. 11. What amount should be considered product cost for external réporting purposes? a. P13.30 12. What is the product cost per unit under variable costing? b. P18.30 c. P11.80 d. P14.80 а. Р13.30 b. P18.30 c. P11.80 13. What is the variable cost per unit for purposes of computing the contribution margin? d. P14.80 а. Р13.30 b. P18.30 c. P11.80 14. Under absorption costing, income for January 2020 was d. P14.80 а. Р8,200 b. P5,200 c. P6,700 d. P1,700 Activate Win Go to Settings arch
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