JRM Inc., which has only one product, provided the following data for April: Sales @ P74/unit P636,400 Variable costs per unit: Fixed costs: Direct materials P12 Factory overhead P176,000 Direct labor 32 Selling & administrative 8,600 Factory overhead 2 Selling & administrative 6 There are 200 units of inventory remaining at the end of April.
JRM Inc., which has only one product, provided the following data for April: Sales @ P74/unit P636,400 Variable costs per unit: Fixed costs: Direct materials P12 Factory overhead P176,000 Direct labor 32 Selling & administrative 8,600 Factory overhead 2 Selling & administrative 6 There are 200 units of inventory remaining at the end of April.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
100%
Required:
1. Unit product cost under variable and absorption costing approach, respectively, must be?
2. Contribution margin for the month under the variable costing approach is?
3. Gross margin for the month under the absorption costing approach is?
4. Period cost for the month under the variable costing approach is?
5. Period cost for the month under the absorption costing approach is?
![JRM Inc., which has only one product, provided the following data for April:
Sales @ P74/unit
P636,400
Variable costs per unit:
Fixed costs:
Direct materials
P12
Factory overhead
P176,000
Direct labor
32
Selling & administrative
8,600
Factory overhead
2
Selling & administrative
6
There are 200 units of inventory remaining at the end of April.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe81db333-09aa-4514-b76e-d5e2a12eb8b0%2F67bce363-bb81-420f-907d-6ea2fbfdf89f%2Fc7h7783_processed.jpeg&w=3840&q=75)
Transcribed Image Text:JRM Inc., which has only one product, provided the following data for April:
Sales @ P74/unit
P636,400
Variable costs per unit:
Fixed costs:
Direct materials
P12
Factory overhead
P176,000
Direct labor
32
Selling & administrative
8,600
Factory overhead
2
Selling & administrative
6
There are 200 units of inventory remaining at the end of April.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education