of 15!Required information[The following information applies to the questions displayed below.]Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells10,000 units, its average costs per unit are as follows:Average Costper UnitDirect materials$ 6.20Direct labor$ 3.70Variable manufacturing overhead$ 1.60PrintFixed manufacturing overhead$ 4.00Fixed selling expense$ 3.20Fixed administrative expense$ 2.20Sales commissions$ 1.20Variable administrative expense$ 0.45Required:1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units? (Do not roundintermediate calculations.)Total product cost

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Description: of 15!Required information[The following information applies to the questions displayed below.]Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells10,000 units, its average costs per unit are as

Product cost is the cost incurred by the entity on the making of the goods. It includes the cost of…

Business

Accounting

Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense per Unit $ 6.20 $ 3.70 $ 1.60 $4.00 $ 3.20 Fixed administrative expense $ 2.20 $ 1.20 Variable administrative expense $ 0.45 Sales commissions Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units? (Do not rou intermediate calculations.) Total product cost

Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense per Unit $ 6.20 $ 3.70 $ 1.60 $4.00 $ 3.20 Fixed administrative expense $ 2.20 $ 1.20 Variable administrative expense $ 0.45 Sales commissions Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units? (Do not rou intermediate calculations.) Total product cost

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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Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.50 Direct labor $ 4.00 Variable manufacturing overhead $ 1.60 Fixed manufacturing overhead $ 4.00 Fixed selling expense $ 3.50 Fixed administrative expense $ 2.20 Sales commissions $ 1.20 Variable administrative expense $ 0.45 3. If 8,000 units are produced and sold, what is the variable cost per unit produced and sold? (Round your answer to 2 decimal places.)
Menk Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.80 Direct labor $ 3.80 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 20,200 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 10,100 Required: a. If 5,220 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. b. If 5,220 units are sold, what is the total amount of variable costs related to the units sold? c. If 5,220 units are produced, what is the total amount of manufacturing overhead cost incurred? a. Variable cost per unit sold b. Total variable costs c. Total manufacturing overhead cost
Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 5.50 Direct labor $ 3.00 Variable manufacturing overhead $ 1.50 Fixed manufacturing overhead $ 4.00 Fixed selling expense $ 2.50 Fixed administrative expense $ 2.00 Sales commissions $ 1.00 Variable administrative expense $ 0.50 2. For financial accounting purposes, what is the total amount of period costs incurred to sell 10,000 units? (Do not round intermediate calculations.)
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Lillibridge & Friends, Incorporated provides you with the following data for its single product: Sales price per unit $ 170 Fixed costs (per quarter): Selling, general, and administrative (SG&A) 1,500,000 Manufacturing overhead 4,500,000 Variable costs (per unit): Direct labor 20 Direct materials 23 Manufacturing overhead 21 SG&A 17 Number of units produced per quarter 500,000 units Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Do not round intermediate calculations. Round your answers to 2 decimal places.
Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.50 Direct labor $ 4.00 Variable manufacturing overhead $ 1.60 Fixed manufacturing overhead $ 4.00 Fixed selling expense $ 3.50 Fixed administrative expense $ 2.20 Sales commissions $ 1.20 Variable administrative expense $ 0.45 13. If the selling price is $22.50 per unit, what is the contribution margin per unit? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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