Exercise 2-37 (Static) Basic Concepts (LO 2-1, 2, 6) Lillbridge & Friends, Incorporated provides you with the following data for its single product Sales price per unit. Fixed costs (per quarter): Selling, general, and administrative (SGA) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter a. Prime cost per unit b. Contribution margin per unit Gross margin per unit d. Conversion cost per unit Variable cost per unit t Full absorption cost per unit Variable production cost per unit Full cost per unk 500,000 units 15 $ $ S 4 Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Round your answers to 2 decimal places. 19.00 17.00 13.00 26.00 33.00 $37.00 $28.00 $ 50 1,500,000 4,500,000 11 500,000 units 600,000 units

Exercise 2-37 (Static) Basic Concepts (LO 2-1, 2, 6) Lillbridge & Friends, Incorporated provides you with the following data for its single product Sales price per unit. Fixed costs (per quarter): Selling, general, and administrative (SGA) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter a. Prime cost per unit b. Contribution margin per unit Gross margin per unit d. Conversion cost per unit Variable cost per unit t Full absorption cost per unit Variable production cost per unit Full cost per unk 500,000 units 15 $ $ S 4 Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Round your answers to 2 decimal places. 19.00 17.00 13.00 26.00 33.00 $37.00 $28.00 $ 50 1,500,000 4,500,000 11 500,000 units 600,000 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Contribution Margin by Segment The following data are for Cabin Craft Apparel: East West Sales volume (units): Product XX 9,300 10,000 Product YY 6,100 12,900 Sales price: Product XX $18 $20 Product YY $23 $22 Variable cost per unit: Product XX $11 $11 Product YY $14 $14 a. Determine the contribution margin for Product YY.$fill in the blank 1 b. Determine the contribution margin for the West Region.$fill in the blank 2
5
need last three requirement , answer in text form please (without image)
V. Prepare a CONTRIBUTION MARGIN (also known as variable costing) income statement given a traditional (also known as absorption costing) income statement Bruno Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year: B C D 1 2 3 Bruno Industries Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 5 Sales revenue 6 Less: Cost of goods sold 7 Gross profit 8 Less: Operating expenses 9 Operating income $ 406,000 329,000 $ 77,000 73,000 $ 4,000 10 The company produced 8,000 units and sold 7,000 units during the year ending December 31. Fixed manufacturing overhead (MOH) for the year was $152,000, while fixed operating expenses were $62,000. The company had no beginning inventory. Requirements 1. Will the company's operating income under variable costing be higher, lower, or the same as its operating income under absorption costing? Why? 2. Prepare a variable costing income…
Question Content Area Moon Company uses the variable cost method of applying the cost-plus approach to product pricing. The costs and expenses of producing and selling 75,000 units of Product T are as follows: Variable costs per unit: Direct materials $ 7.00 Direct labor 3.50 Factory overhead 1.50 Selling and administrative expenses 3.00 Total $15.00 Fixed costs: Line Item Description Amount Factory overhead $45,000 Selling and administrative expenses 20,000 Moon desires a profit equal to an 18% return on invested assets of $1,440,000. c. Determine the markup percentage for Product T. Round your answer to one decimal place.fill in the blank 1 of 1%
Required: 1. Determine the unit product cost under: a. Absorption costing. b. Variable costing. 2. Prepare variable costing income statements for July and August. 3. Reconcile the variable costing and absorption costing net operating incomes.
Service Emphasis The following analysis of selected data is for each of the two services Rockville Corporation provides. Service G Service H Per-unit data at 10,000 services Sales price Service costs: Variable Fixed Selling and administrative expenses: Variable Fixed $ Revenue Less: Variable cost Contribution margin Labor hours per unit Contribution margin per labor hour $ $36 $ 19 6 G 5 3 In the Rockville's operation, labor capacity is the company's constraining resource. Each unit of G requires 3 hours of labor, and each unit of H requires 1 hours of labor. Assuming that all service can be sold at a normal price, prepare an analysis showing which of the two services should be provided with any unused productive capacity that Rockville might have. Service $23 36 $ 25 X 11 * $ 3 3.67 × $ 15 4 2 1 H 23 19 x 4 x 1 4 × Any unused capacity should be devoted to Service H, which has $2 less contribution margin per labor hour than does Service G. Any unused capacity should be devoted to…
3
Subject : Accounting
Subject:
Question 1 (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A direct cost D. An indirect cost (ii) Which of the following terms denotes the response of a cost to change in business activity: A. Cost accumulation B. Cost apportionment C. Cost reapportionment D. Cost behaviour (iii) Production of 100 units requires one supervisor at £30,000 p.a. If production is between 100-200 units then two supervisors are required at a total of £60,000 p.a. Such cost behaviour would be described as: A. Fixed B. Stepped fixed C. Variable D. Semi-variable