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Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Unit Cost per Period $5.00 $ 3.60 $ 1.20 a. Total product cost b. Total period cost d. Total direct manufacturing cost e. Total indirect manufacturing cost $0.40 $ 0.30 $ 29,250 Variable administrative expense Fixed selling and administrative expense Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,500 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,500 units? c. If 7,500 units are produced, what is the total amount of direct manufacturing cost incurred? d. If 7,500 units are produced, what is the total amount of indirect manufacturing costs incurred? $ 9,750

Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Unit Cost per Period $5.00 $ 3.60 $ 1.20 a. Total product cost b. Total period cost d. Total direct manufacturing cost e. Total indirect manufacturing cost $0.40 $ 0.30 $ 29,250 Variable administrative expense Fixed selling and administrative expense Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,500 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,500 units? c. If 7,500 units are produced, what is the total amount of direct manufacturing cost incurred? d. If 7,500 units are produced, what is the total amount of indirect manufacturing costs incurred? $ 9,750

FINANCIAL ACCOUNTING
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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Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions a. Total product cost b. Total period cost d. Total direct manufacturing cost e. Total indirect manufacturing cost Cost per Unit Cost per Period $5.00 $ 3.60 $ 1.20 97% $ 0.40 $ 0.30 Variable administrative expense Fixed selling and administrative expense Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,500 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,500 units? c. If 7,500 units are produced, what is the total amount of direct manufacturing cost incurred? d. If 7,500 units are produced, what is the total amount of indirect manufacturing costs incurred? $ 29,250 $ 9,750
Transcribed Image Text:Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions a. Total product cost b. Total period cost d. Total direct manufacturing cost e. Total indirect manufacturing cost Cost per Unit Cost per Period $5.00 $ 3.60 $ 1.20 97% $ 0.40 $ 0.30 Variable administrative expense Fixed selling and administrative expense Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,500 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,500 units? c. If 7,500 units are produced, what is the total amount of direct manufacturing cost incurred? d. If 7,500 units are produced, what is the total amount of indirect manufacturing costs incurred? $ 29,250 $ 9,750
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