22Michael's Machine Shop reports the following information for the quarter. Sales price$70 Fixed costs (for the quarter) Selling and administrative 47,620 Production 142,860 Variable cost (per unit) Materials 18 Labor 15 Plant supervision 8 Selling and administrative 9 Number of units (for the quarter) 23,810 units 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.

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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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Michael's Machine Shop reports the following information for the quarter.


Sales price	$	70
Fixed costs (for the quarter)
Selling and administrative		47,620
Production		142,860
Variable cost (per unit)
Materials		18
Labor		15
Plant supervision		8
Selling and administrative		9
Number of units (for the quarter)		23,810	units

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.

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