Farris Corporation, 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 $172 0 9,700 9,300 400 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the net operating income (loss) for the month under variable costing? $6,000 $11,600 $17,600 ($40,000) $33 $75 $21 $25 $145,500 $10,300

Farris Corporation, 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 $172 0 9,700 9,300 400 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the net operating income (loss) for the month under variable costing? $6,000 $11,600 $17,600 ($40,000) $33 $75 $21 $25 $145,500 $10,300

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 March 31, the end of the first year of operations, Barnard Inc., manufactured 3,200 units and sold 2,800 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc.Variable Costing Income StatementFor the Year Ended March 31, 20Y1 Sales $560,000 Variable cost of goods sold: Variable cost of goods manufactured $307,200 Inventory, March 31 (38,400) Total variable cost of goods sold (268,800) Manufacturing margin $291,200 Total variable selling and administrative expenses (67,200) Contribution margin $224,000 Fixed costs: Fixed manufacturing costs $140,800 Fixed selling and administrative expenses 44,800 Total fixed costs (185,600) Operating income $38,400 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. Variable costing $ Absorption costing $
Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: $ 156 Selling price Units in beginning inventory Units produced Units sold 9,500 9,100 Units in ending inventory 400 Variable costs per unit: $29 $ 71 $ 17 $ 21 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ 142,500 $ 9,900 What is the net operating income (loss) for the month under variable costing?
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Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory $136 0 Units produced 3,400 Units sold 2,920 Units in ending inventory 480 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead $46 $24 $4 Variable selling and administrative expense $7 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expenses $68,000 $14,600 The total gross margin for the month under the absorption costing approach is: a. $108,040 b. $122,640 c. $102,200 d. $210,240
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YaHo, Ltd. is a manufacturer that produces a single product. Below is data concerning its most recent month of operations: Units in beginning inventory 0 Units produced 81,450 Units sold 77,820 Selling price per unit: $13.80 Variable costs per unit: Direct materials $2.90 Direct labor $2.05 Variable manufacturing overhead $1.30 Variable selling and administrative expense $1.05 Fixed costs (per month): Fixed manufacturing overhead $195,480 Fixed selling and administrative expense $218,825 Calculate net income for the month using variable costing. a. $173,236 b. $153,781 c. $115,120 d. $100,237 e. $91,525
A manufacturing company that produces a single 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 labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense The total gross margin for the month under absorption costing is: Multiple Choice $81,900 $21,840 $128,430 $139,230 $ 144 0 3,020 2,730 290 $ 47 $21 $ 16 $9 $90,600 $35,490
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