Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $914. Selected data for the company's operations last year follow: Units in beginning inventory Units produced 19,000 Units sold 15,000 Units in ending inventory 4,000 Variable costs per unit: Direct materials 270 Direct labor 410 Variable manufacturing overhead 62 Variable selling and administrative 20 Fixed costs: Fixed manufacturing overhead 800,000 Fixed selling and administrative 780,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your Intermedlate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. %24

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $914. Selected data for the company's operations last year follow: Units in beginning inventory Units produced 19,000 Units sold 15,000 Units in ending inventory 4,000 Variable costs per unit: Direct materials 270 Direct labor 410 Variable manufacturing overhead 62 Variable selling and administrative 20 Fixed costs: Fixed manufacturing overhead 800,000 Fixed selling and administrative 780,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your Intermedlate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. %24

Name: Ida Company produces a handcrafted musical instrument called a gamela
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Description: Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone.The gamelans are sold for $914. Selected data for the company's operations last year follow:Units in beginning inventoryUnits produced19,000Units s

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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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $900. Selected data for the company's operations last year follow: 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 25,000 22,000 3,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 220 $460 $ 51 $20 $720,000 $ 600,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It d Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $795. Selected data for the company's operations last year follow: 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Required: 0 13,000 10,000 3,000 $ 180 $ 390 $ 51 $ 23 $ 700,000 $ 430,000 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. > Answer is complete but not entirely correct. 1.…
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $875. Selected data for the company’s operations last year follow: Units in beginning inventory 0 Units produced 13,000 Units sold 10,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 230 Direct labor $ 410 Variable manufacturing overhead $ 55 Variable selling and administrative $ 22 Fixed costs: Fixed manufacturing overhead $ 780,000 Fixed selling and administrative $ 910,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. 1. Absorption costing unit product cost 2. Variable costing unit product cost
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $752. Selected data for the company's operations last year follow: 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 15,000 12,000 3,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 170 $340 $ 57 $ 20 $ 830,000 $ 970,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced 1,050 kayaks and sold 800 at a price of $1,050 each. At year-end, the company reported the following income statement information using absorption costing. Sales (800 × $1,050) $ 840,000 Cost of goods sold (800 × $450) 360,000 Gross profit 480,000 Selling and administrative expenses 220,000 Income $ 260,000 Additional Information a. Product cost per kayak under absorption costing totals $450, which consists of $350 in direct materials, direct labor, and variable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $105,000 of fixed overhead per year divided by 1,050 kayaks produced.b. The $220,000 in selling and administrative expenses consists of $85,000 that is variable and $135,000 that is fixed.Prepare an income statement for the current year under variable costing.
22. Subject :- Accounting
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $917. Selected data for the company's operations last year follow: 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 13,000 9,000 4,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 210 $ 440 $ 58 $18 $ 770,000 $ 550,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $845, Selected data for the company's operations last year follow: 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 Fixed costs : Fixed manufacturing overhead Fixed selling and administrative 19,000 16,000 3,000 $ 260 $ 340 $ 57 $ 22 $ 910,000 $ 930,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gahelan. 1. Absorption costing unit product cost 2. Variable costing unit product cost
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $990. Selected data for the company’s operations last year follow: Units in beginning inventory 0 Units produced 200 Units sold 180 Units in ending inventory 20 Variable costs per unit: Direct materials $ 120 Direct labor $ 340 Variable manufacturing overhead $ 40 Variable selling and administrative $ 30 Fixed costs: Fixed manufacturing overhead $ 56,000 Fixed selling and administrative $ 24,000 The absorption costing income statement prepared by the company’s accountant for last year appears below: Sales $ 178,200 Cost of goods sold 140,400 Gross margin 37,800 Selling and administrative expense 29,400 Net operating income $ 8,400 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of…
Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor 28,000 23,000 5,000 $ 50 80 20 Variable manufacturing overhead Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead Fixed selling and adeinistrative $ 980,000 345,000 Total fixed costs $1,325,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses absorption costing. Prepare an income statement for last year. Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses absorption costing. Prepare an income statement for last year. Complete this question by…
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $840. Selected data for the company's operations last year follow: 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 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative The absorption costing income statement prepa Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income 0 300 275 25 $ 100 $310 $ 30 $ 35 $ 66,000 $ 31,000 by the company's accountant for last year appears below: $ 231,000 181,500 49,500 40,625 $ 8,875 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing.
[The following information applies to the questions displayed below.] Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for last year's operations follow: Units in beginning inventory 0 26,800 Units produced Units sold 22,400 4,400 Units in ending inventory Variable costs per unit: Direct materials Direct labor $ 50 80 20 Variable manufacturing overhead Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead $ 938,000 336,000 Fixed selling and administrative Total fixed costs $ 1,274,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses absorption costing. Prepare an income statement for last year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that the company uses absorption costing. Prepare an income…