Harrison , Inc : Advertising Costs President's Salary Tax Payments Factory Repair and Maintenance Direct Materials Used $10,600; 230000; 12, 500 920 Direct Labor Administrative Salaries 27, 500; 36, 22000 How much were Harrison's product costs ? Select one : a . $64,420 Ob . $86,420 . $65,620 Od . $339,520

Harrison , Inc : Advertising Costs President's Salary Tax Payments Factory Repair and Maintenance Direct Materials Used $10,600; 230000; 12, 500 920 Direct Labor Administrative Salaries 27, 500; 36, 22000 How much were Harrison's product costs ? Select one : a . $64,420 Ob . $86,420 . $65,620 Od . $339,520

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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Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 10 Direct labor $7 $3 Variable manufacturing overhead Variable selling and administrative Fixed costs per year: $3 Fixed manufacturing overhead $ 380,000 Pixed selling and administrative $ 290,000 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. A b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1A Reg 28 Reg 2A Req 18 Compute the unit product cost. Assume that the company uses absorption costing. During the year, the…
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