Learned Corporation has provided the following information: Cost per Unit $ 5.20 $ 4.35 $ 1.95 Cost per Direct materials Period Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense 24 28,800 $ 0.40 $ 0.30 2$ 7,800 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,000 units? c. If the selling price is $24.00 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal places.) d. If 7,000 units are produced, what is the total amount of direct manufacturing cost incurred? e. If 7,000 units are produced, what is the total amount of indirect manufacturing costs incurred?

Learned Corporation has provided the following information: Cost per Unit $ 5.20 $ 4.35 $ 1.95 Cost per Direct materials Period Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense 24 28,800 $ 0.40 $ 0.30 2$ 7,800 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,000 units? c. If the selling price is $24.00 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal places.) d. If 7,000 units are produced, what is the total amount of direct manufacturing cost incurred? e. If 7,000 units are produced, what is the total amount of indirect manufacturing costs incurred?

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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