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 $6,400 O $18,600 O $5,600 SSSS $(20,400) $ $ 95 What is the net operating income for the month under absorption costing? 0 3,500 3,100 400 2975 55,900 3,000

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 $6,400 O $18,600 O $5,600 SSSS $(20,400) $ $ 95 What is the net operating income for the month under absorption costing? 0 3,500 3,100 400 2975 55,900 3,000

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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Variable costs per unit: Direct materials 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 $ 131 0 3,320 2,890 430 $ 45 Direct labor Variable manufacturing overhead $ 15 $ 7 Variable selling and administrative expense Fixed costs: $ 19 Fixed manufacturing overhead $92,960 Fixed selling and administrative expense $28,900 The total gross margin for the month under absorption costing is:
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (3,700 units) $74,000 Cost of goods sold: Cost of goods manufactured (4,300 units) $60,200 Inventory, April 30 (600 units) (8,400) Total cost of goods sold (51,800) Gross profit $22,200 Selling and administrative expenses (13,480) Operating income $8,720 If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
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,…
Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Multiple Choice $133,100 $93,100 Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead $ 40,000 Fixed selling and administrative expense $ 73,500 What is the total period cost for the month under the absorption costing? $40,000 $95 $73,500 5,000 4,900 100 $ 26 $ 40 ta ta ta ta $ $ 4
Net operating income for April under absorption costingA. 4,900 C. (11,100)B. 6,600 D. 11,500
Units in beginning inventory -0-Units produced 8,000Units sold 6,000 Variable costs per unit: Manufacturing $15 Selling and administrative $5 Fixed costs, in total: Manufacturing $24,000 Selling and administrative $16,000 What is the unit product cost under absorption costing?
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