Michael's Machine Shop reports the following information for the quarter. Sales price Fixed costs (for the quarter) Selling and administrative Production Variable cost (per unit) Materials Labor Plant supervision Selling and administrative Number of units (for the quarter) Required: Select the answer for each of the following costs. a. Variable cost per unit. b. Variable production cost per unit. c. Full cost per unit. d. Full absorption cost per unit. e. Prime cost per unit. f. Conversion cost per unit. g. Contribution margin per unit. h. Gross margin per unit. $ 80 47,660 142,980 20 17 10 11 23,830 units

Michael's Machine Shop reports the following information for the quarter. Sales price Fixed costs (for the quarter) Selling and administrative Production Variable cost (per unit) Materials Labor Plant supervision Selling and administrative Number of units (for the quarter) Required: Select the answer for each of the following costs. a. Variable cost per unit. b. Variable production cost per unit. c. Full cost per unit. d. Full absorption cost per unit. e. Prime cost per unit. f. Conversion cost per unit. g. Contribution margin per unit. h. Gross margin per unit. $ 80 47,660 142,980 20 17 10 11 23,830 units

Name: Michael's Machine Shop reports the following information for the quar
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Description: Michael's Machine Shop reports the following information for the quarter.Sales priceFixed costs (for the quarter)Selling and administrativeProductionVariable cost (per unit)MaterialsLaborPlant supervisionSelling and administrativeNumber of units (fo

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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for the year using absorption costing and variable costing. Calculate the total product cost per unit produced under absorption costing and under variable costing. \table[[,\table[[Absorption], [costing]],\table[[Variable], [costing]]], [Total product cost per unit, 125, 95]] Calculate the operating income for the year using absorption costing. Absorption costing \table [[Net Sales Revenue], [55,100]] Cost of Goods Sold Gross Profit Fixed Selling and Administrative Expenses Operating Income Calculate the operating income for the year using variable costing. \table[[Variable costing], [Net Sales Revenue], [Variable Cost], [Contribution Margin], [Fixed Manufacturing Costs], [Fixed Selling and Administrative Expenses], [Operating Income]]
Campbell Manufacturing Company established the following standard price and cost data: Sales price $ 8.70 per unit Variable manufacturing cost $ 3.60 per unit Fixed manufacturing cost $ 2,600 total Fixed selling and administrative cost $ 600 total Campbell planned to produce and sell 2,600 units. Actual production and sales amounted to 2,800 units. Assume that the actual sales price is $8.35 per unit and that the actual variable cost is $3.75 per unit. The actual fixed manufacturing cost is $2,000, and the actual selling and administrative costs are $630. Required a.&b. Determine the flexible budget variances and classify the variances by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
Complete the following income statements using absorption costing. Cost of goods sold: Production volume 300 320 workstations workstations Cost of goods sold per unit Number of workstations sold Total cost of goods sold Bison Business Solutions Absorption Costing Income Statements Production volume 300 320 Sales volume - 300 Workstations workstations workstations volume and sales volume affect the reported net income (loss)? E IUIUwing income statements using variable costing. Under absorption costing, can the difference between production Bison Business Solutions Variable Costing Income Statements Production volume (units) 300 320 workstations 300 workstations workstations 300 Sales volume (units) workstations 0 $ Net income (loss) Under variable costing, can a company increase aomo by increasing production?
a. Prepare a contribution margin by product report. Calculate the contribution margin ratio for each. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
4. Assuming direct labor is a fixed cost: a. Determine the number of WVD drums (if any) that should be purchased and the number of WVD drums and/or bike frames (if any) that should be manufactured. b. What is the increase (decrease) in net operating income that would result from this plan over current operations? 5. Compute the contribution margin per unit. [assume direct labor is a variable cost] 6. Compute the contribution margin per welding hour. [assume direct labor is a variable cost]
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25: Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Activity Budgeted Activity Cost Activity Base Casting $570,000 Machine hours Assembly 80,000 Direct labor hours Inspecting Setup Materials handling 42,000 Number of inspections Number of setups 38,000 23,750 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 6,000 13,000 19,000 Direct labor hours 3,000 2,000 5,000 Number of inspections 600 400 1,000 Number of setups 300 200 500 Number of loads 450 500 950 Units produced 6,000 3,000 9,000
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