Given the following: Units in beginning inventory...... Units produced. Units sold . 7,000 6,900 100 Units in ending inventory. Variable costs Direct materials... Direct labor......... Variable manufacturing overhead. Variable selling and administrative. Fixed costs: Fixed manufacturing overhead Fixed selling and administrative. per unit: $46 $41 S3 $9 $28,000 $75,900 What is the variable costing unit product cost?

Given the following: Units in beginning inventory...... Units produced. Units sold . 7,000 6,900 100 Units in ending inventory. Variable costs Direct materials... Direct labor......... Variable manufacturing overhead. Variable selling and administrative. Fixed costs: Fixed manufacturing overhead Fixed selling and administrative. per unit: $46 $41 S3 $9 $28,000 $75,900 What is the variable costing unit product cost?

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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1. Supply the missing data in the following cases, each case is independent of the others. Schedule of Cost of Goods ManufacturedDirect materials . . . . . . . . . . . . . . . . . . . . . .P 4,500Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . ?Manufacturing overhead . . . . . . . . . . . . . . . 5,000Total manufacturing costs . . . . . . . . . . . . . . 18,500Beginning work in process inventory . . . . . 2,500Ending work in process inventory . . . . . . . . ?Cost of goods manufactured . . . . . . . . . . . 18,000 Income StatementSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 30,000Beginning finished goods inventory . . . . . 1,000Cost of goods manufactured . . . . . . . . . . . 18,000Goods available for sale . . . . . . . . . . . . . . . ?Ending finished goods inventory . . . . . . . . ?Cost of goods sold . . . . . . . . . . . . . . . . . . . . 17,000Gross margin . . . . . . . . . . . . . . . . . . . . . . . . 13,000Selling and administrative…
Denton Company manufactures and sells a single product. Cost data for the product are givenbelow: Variable costs per unit:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . $ 7Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . 10Variable manufacturing overhead . . . . . . . . . . 5Variable selling and administrative . . . . . . . . . 3Total variable cost per unit . . . . . . . . . . . . . . . $25Fixed costs per month:Fixed manufacturing overhead . . . . . . . . . . . . $315,000Fixed selling and administrative . . . . . . . . . . . 245,000Total fixed cost per month . . . . . . . . . . . . . . . $560,000The product sells for $60 per unit. Production and sales data for July and August, the first twomonths of operations, follow: Units Produced Units SoldJuly . . . . . . . . . . . . . 17,500 15,000August . . . . . . . . . . . .17,500 20,000 The company’s Accounting Department has prepared absorption costing income statements for Julyand August as presented below:…
The Benoit Company produces three products A, B and C. The per unit data is as follows: Product A B C $80 $56 $70 24 15 09 24 27 40 48 42 49 Selling Price……………………………… Less: Variable Expenses Direct Materials………………………….. Other variable expenses………………… Total variable expenses…………………. Contribution Margin per Unit…………… $32 $14 $21 Contribution margin Ratio………………. 40% 25% 30% Demand for the company’s products is very strong, with far more orders each month than the company has raw materials available to produce. The same material is being used in each product. The material costs $3 per pound with a maximum of 5000 pounds available each month. The demand of product A, B and C is 800,700 and 600 respectively. Required: Compute the contribution margin per pound of direct material, which orders would you advise the company to accept first for those of product, A, B or C which combination of…
-S average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost per Unit $7.10 $4.10 $ 1.60 $ 5.10 $ 3.60 $ 2.60 1. Total amount of product cost 2. Total amount of period cost incurred 3. Total amount of product cost 4. Total amount of period cost $ 1.10 $ 0.60 Exercise 1-8 (Algo) Product Costs and Period Costs; Variable and Fixed Costs [LO1-3, LO1-- Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 11,000 units? 2. For financial accounting purposes, what is the total amount of period costs incurred to sell 11,000 units? 3. For financial accounting purposes, what is the total amount of product costs incurred to make 12,000 units? 4. For financial accounting purposes, what is the total amount of period costs incurred to sell 10,000 units? (For all…
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The Friday company manufactures several different products. Unit costs associated with product ABC are as follows.Direct materials P60Direct manufacturing labor… P10VARIABLE MANUFACTURING OVERHEAD… 18FIXED MANUFACTURING OVERHEAD… 32SALES COMMISSIONS… 4ADMINISTRATIVE SALARIES… 16TOTAL… 140 1.HOW MUCH IS THE VARIABLE COST PER UNIT2.HOW MUCH IS THE FIXED COST PER UNIT3.HOW MUCH IS THE INVENTORIES COST PER UNIT4.HOW MUCH IS THE PERIOD COST PER UNIT
If the prime cost 70 700 ID ,- 2 manufacturing overhead 12 00O ID, beginning work inproces inventory 4 000 ID ,ending work inproces inventory 6 0O ID ,the cost of goods * . (.. .). manufactured are
Learned Corporation has provided the following information: Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions a. Total product cost b. Total period cost Cost per Unit Cost per Period $ 5.80 $ 4.00 $ 1.60 c. Contribution margin per unit d. Total direct manufacturing cost e. Total indirect manufacturing cost $ 0.70 $ 0.60 Variable administrative expense Fixed selling and administrative expense Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,000 units? c. If the selling price is $23.30 per unit, what is the contribution margin per unit sold? Note: Round your answer to 2 decimal places. d. If 7,000 units are produced, what is the total amount of direct manufacturing cost incurred? e. If 7,000 units are produced, what is the total amount of indirect manufacturing…
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The Mamon company manufactures several different products. Unit costs associated with product ABC are as follows.Direct materials P60Direct manufacturing labor… P10VARIABLE MANUFACTURING OVERHEAD… 18FIXED MANUFACTURING OVERHEAD… 32SALES COMMISSIONS… 4ADMINISTRATIVE SALARIES… 16TOTAL… 140 1.HOW MUCH IS THE PERIOD COST PER UNIT
Subject: acounting