Hayes Inc. provided the following information for the current year: Beginning inventory Units produced Units sold 100 units 750 units 800 units Selling price 150/unit 2$ 35/unit Direct materials Direct labor 16/unit Variable manufacturing overhead Fixed manufacturing overhead Variable selling/administrative costs Fixed selling/administrative costs $ $24,000/year 2$ $15,500/year 15/unit 8/unit What is the unit product cost for the year using absorption costing?

Hayes Inc. provided the following information for the current year: Beginning inventory Units produced Units sold 100 units 750 units 800 units Selling price 150/unit 2$ 35/unit Direct materials Direct labor 16/unit Variable manufacturing overhead Fixed manufacturing overhead Variable selling/administrative costs Fixed selling/administrative costs $ $24,000/year 2$ $15,500/year 15/unit 8/unit What is the unit product cost for the year using absorption costing?

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

Hayes Incorporated provided the following information for the current year: Beginning inventory Units produced Units sold Selling price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling/administrative costs Fixed selling/administrative costs What is the product cost per unit for the year using variable costing? Multiple Choice $162 $114 $138 260 units 910 units 960 units $ 310/unit $ 51/unit $ 32/unit $ 31/unit $ 43,680/year $ 24/unit $ 31,500/year
Compute for the net operating income under variable costing for year 2
The following data is for a company that produces a single product. selling price 24 193 Units in beginning inventory Units produced Units sold 3,090 2,910 Variable costs per unit: Direct materials 24 24 24 24 53 Direct labor 59 variable manufacturing overhead variable selling and administrative expense Fixed costs: 15 13 Fixed manufacturing overhead Fixed selling and administrative $ 89,610 $ 8,730 Required: a. What is the unit product cost for the month under varlable costing? b. What Is the unit product cost for the month under absorption costing? C. Prepare a contribution format Income statement for the month using varlable costing. d. Prepare an Income statement for the month using absorption costing. e. Reconcile the varlable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using…
D1.
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales 0 8,600 5,900 $ 767,000 $ 172,000 $ 86,000 Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) $ 946,000 $ 118,000 The difference between the variable costing ending inventory and the absorption costing ending inventory is: Multiple Choice O 2,700 units times $115 per unit variable conversion cost plus $110 per unit fixed manufacturing cost 4 2,700 units times $115 per unit variable conversion cost plus $110 per unit fixed manufacturing cost plus $111.67 per unit indirect operating c 2,700 units times $105 per unit materials cost
A company has the following information taken from its Normal Costing records for the current year: Under Variable Costing P 85,000 P 16,250 P 10,000 Total Variable Costs Ending Inventory Net Income Under Absorption Costing Total Cost of Sale Ending Inventory Total Operating Expenses P 84,000 P 21,250 P 30,000 Other information: Total Units Produced 20,000 Total Units Sold 20,000 Beginning Inventory 5,000 There are no changes in the company's cost structure. Assume that the units produced were also the budgeted units used in the determination of the predetermined fixed overhead rate. Required: 1. How much is the company's total sales? 2. How much is the cost of the company's beginning inventory under absorption costing? 3. How much is the net income under absorption costing?
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMRA70,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. OMR130,000 O b. OMR145,000 O C. None of the answers given O d. OMR135,000 e. OMR155,000
The following information is given for a company for the year ended December 31: Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales $ 400,000 Materials cost $ 96,000 Variable conversion cost used $ 48,000 Fixed manufacturing cost $ 72,000 Indirect operating costs (fixed) $ 80,000 Required: Calculate the additional Operating Income which will be provided by using absorption costing method instead of variable costing method.
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000; Overapplied overhead OMR15,000; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000
Aaron 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 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead. Variable selling and administrative expense Multiple Choice Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the unit product cost for the month under variable costing? $110 per unit $137 per unit $143 0 $120 per unit 6,850 6,550 300 $93 per unit $23 $53 $17 $17 $184,950 $ 27,300
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…
I need help with question is correct answer