eBookInventory$5,000$4,90065,00029,000230,000frozeIncome StatementPietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,100 units will be produced, with the following total costs:Direct materialsDirect laborVariable overheadFixed overheadNext year, Pietro expects to purchase $120,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:Direct materialsnirxas. Fen pizzesWork-in-ProcessInventory$14,000$16,000BeginningEndingNext year, Pietro expects to produce 54,100 units and sell 53,400 units at a price of $18.00 each. Beginning inventory of finished goods is $42,500, and ending inventoryof finished goods is expected to be $34,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $108,000.Required:erat.Continno Ing.1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 88349 would be rounded to.8835 and entered as 88.35.Note: due to rounding, percentages may not add down.Pietro Frozen Foods, Inc.Income StatementFor the Coming Year Required:is experie w $3,000, total setting expense is projected at $27,000, and total administrative expense is projected at $100,000.1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to8835 and entered as 88.35.Note: due to rounding, percentages may not add down.Pietro Frozen Foods, Inc.Income StatementFor the Coming YearLess operating expenses:Percent%%196%2. What if the cost of goods sold percentage for the past few years was 43.93 percent? Management's reaction might be:

Total Manufacturing Cost = Direct Material + Direct Labour + Factory Overheads Cost of Goods…

Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,100 units will be produced, with the following total costs: Direct materials 2 Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $120,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning Ending tras. 65,000 29,000 230,000 Inventory $5,000 $4,900 en pizzes Work-in-Process Inventory $14,000 $16,000 Next year, Pietro expects to produce 54,100 units and sell 53,400 units at a price of $18.00 each. Beginning inventory of finished goods is $42,500, and ending inventor of finished goods is expected to be $34,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $108,000. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to 8835 and entered as 88.35. Note: due to rounding, percentages may not add down. Pietro Frozen Foods, Inc. Income Statement Enr the Coming Year

Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,100 units will be produced, with the following total costs: Direct materials 2 Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $120,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning Ending tras. 65,000 29,000 230,000 Inventory $5,000 $4,900 en pizzes Work-in-Process Inventory $14,000 $16,000 Next year, Pietro expects to produce 54,100 units and sell 53,400 units at a price of $18.00 each. Beginning inventory of finished goods is $42,500, and ending inventor of finished goods is expected to be $34,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $108,000. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to 8835 and entered as 88.35. Note: due to rounding, percentages may not add down. Pietro Frozen Foods, Inc. Income Statement Enr the Coming Year

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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Product Costs Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials $100,000 Direct labor 80,000 Variable overhead 25,000 Fixed overhead 220,000 Required: If required, round your answers to the nearest cent. 1. Calculate the prime cost per unit.$fill in the blank 1 per unit 2. Calculate the conversion cost per unit.$fill in the blank 2 per unit 3. Calculate the total variable cost per unit.$fill in the blank 3 per unit 4. Calculate the total product (manufacturing) cost per unit.$fill in the blank 4 per unit 5. What if the number of units increased to 55,000 and all unit variable costs stayed the same? indicate the impact on the following costs. a. Total direct materials b. Total direct labor c. Total variable overhead d. Total fixed overhead e. Unit prime cost f. Unit conversion cost What would the product cost per unit…
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answer all parts correctly with all work in text form
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Question 1 QVC Company produces kitchen cabinets at its factory. The following relates to the production of the kitchen cabinets for the period ending December 2020. Production (units) Sales (units) Fixed production cost Fixed Selling overhead Budgeted Actual 75,000 80,000 72,500 77,500 $750,000 $781,250 $562,500 $562,500 The fixed production overhead was absorbed at a pre- determined rate per unit produced. Each kitchen cabinet was sold for $450. Required: At the beginning of January 2020, there was opening stock of 4,375 units valued at $262,500; this includes fixed production overhead of $43,750. c) Prepare the reconciliation statement as at December 31, 2020.