Provide correct solution for this question If one unit of Product Z2 used $2.60 of direct materialsand $3.10 of direct labor, sold for $9.00, and wasassigned overhead at the rate of 31% of direct laborcosts, how much gross profit was realized from this sale?A. $2.34B. $5.70C. $0.96D. $3.30E. $9.00

Step 1: Define Gross ProfitThe profit made after the deduction of production and selling cost of a…

Answered: If one unit of Product Z2 used $2.60 of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

See similar textbooks

Similar questions

Please give me answer Accounting
Accounting
If it takes 3 units of raw material to make one unit of a product and the cost per unit of raw material is $5, what is the standard raw material cost per unit of output? a. $1.67 b. $0.60 c. $15.00 d. $3.00
The standard labor rate is $8 per hour. Standard labor allowed per unit is 0.6 hours. The actual cost per labor hour is $7.5 and the actual labor hour per unit is 0.7 hours. What is the standard labor cost per output unit? a. $4.8 b. $5.6 c. $4.5 d. $5.25
Direct material $0.10, Direct laber is $0.25, Variable Overhead is $0.10, Fixed overhead is $0.40 what is the fixed costs per unit, the total cost per unit, and gross margin if 1,600,000 units were produced?
What type of cost exhibits the behavior shown below? Manufacturing Volume (Units) Cost Per Unit 50,000 $1.95 70,000 1.95 Select one: a. Discretionary fixed cost b. Step-fixed cost. c. Semivariable cost.d. Variable cost. e. Fixed cost
Total Labour Cost is 315000 OMR. Total labour Fixed cost is 50000 OMR. Calculate Total labour Variable cost Select one: a. 105000 OMR O b. 265000 OMR O c. 50000 OMR O d. 165000 OMR
Compute conversion costs given the following data: direct materials, $363,200; direct labor, $204,600; factory overhead, $192,100 and selling expenses, $39,100. a. $555,300 b. $759,900 O c. $153,000 od. $396,700
What is the amount of the income from operations that would be reported on the variable costing income statement? a. $519,870 Ob. $426,040 Oc. $511,330 Od. $396,930
1. What is the total Conversion Cost per Equivalent Unit? 2. . Cost per Equivalent Unit for Factory Overhead is calculated by dividing $......... by 550,000 OH Equivalent Units. 3. Cost per Equivalent Unit for Direct Labor is calculated by dividing $......... by 550,000 DL Equivalent Units 4. Cost per Equivalent Unit for Direct Material is calculated by dividing $......... by 580,000 DM Equivalent Units.
Compute conversion costs given the following data: direct materials, $350,600; direct labor, $199,800; factory overhead, $211,700 and selling expenses, $38,200. Oa. $173,500 Ob. $411,500 Oc. $562,300 Od. $762,100
Compute conversion costs given the following data: direct materials, $352,900; direct labor, $204,800; factory overhead, $222,500 and selling expenses, $44,700. a.$575,400 b.$177,800 c.$427,300 d.$780,200

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

If one unit of Product Z2 used $2.60 of direct materials and $3.10 of direct labor, sold for $9.00, and was assigned overhead at the rate of 31% of direct labor costs, how much gross profit was realized from this sale? A. $2.34 B. $5.70 C. $0.96 D. $3.30 E. $9.00