Miller Manufacturing, which produces a single product, has provided the following data for itsmost recent month of operations:• Number of units produced: 1,200•Variable costs per unit:o Direct materials: $60оDirect labor: $50•оVariable manufacturing overhead: $9Variable selling and administrative expense: $10Fixed costs:о Fixed manufacturing overhead: $48,000。 Fixed selling and administrative expense: $84,000There were no beginning or ending inventories. The absorption costing unit product costwas:a) $172 per unitb) $230 per unitc) $119 per unitd) $159 per unit

Step 1: Definition of Absorption CostingAbsorption costing is a method where all manufacturing…

Answered: Miller Manufacturing, which produces a…

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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The absorption costing unit product cost was ..??
Use the following information for the Exercise below. (Algo) Skip to question [The following information applies to the questions displayed below.]Barnes Company reports the following for its product for its first year of operations. Direct materials $ 34 per unit Direct labor $ 24 per unit Variable overhead $ 12 per unit Fixed overhead $ 54,000 per year Variable selling and administrative expenses $ 2 per unit Fixed selling and administrative expenses $ 26,000 per year Exercise 19-4 (Algo) Computing cost per unit at different production levels LO P1, P2 P1. Compute total product cost per unit using absorption costing for the following production levels: (a) 3,000 units, (b) 3,600 units, and (c) 4,500 units. P2. The company sells its product for $140 per unit. Compute contribution margin using variable costing assuming the company (a) produces and sells 3,000 units and (b) produces 3,600 units and sells 3,000 units.
Beamish Incorporated, which produces a single product, has provided the following data for its most recent month of operations: Number of units produced Variable costs per unit: 4,600 $ 108 $ 105 $ 5 $ 12 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ 184,000 $ 322,000 There were no beginning or ending inventories. The absorption costing unit product cost was:
Beamish Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced Variable costs per unit: 2,900 Direct materials 2$ 64 Direct labor 60 Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense 2$ 7 2$ 10 $110,200 $214,600 There were no beginning or ending inventories. The absorption costing unit product cost was:
Harbor view manufacturing reported the following cost...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials Direct labor Variable overhead Fixed overhead $4 per unit $3 per unit $3 per unit $342,000 per year The company produced 38,000 units, and sold 29,500 units, leaving 8,500 units in inventory at year-end. Income calculated under variable costing is determined to be $410,000. How much income is reported under absorption costing? Multiple Choice О $752,000 о $486,500 $401,000 $333,500
Beamish Incorporated, which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 1,100 Variable costs per unit: Direct materials $ 56 Direct labor $ 49 Variable manufacturing overhead $ 7 Variable selling and administrative expense $ 8 Fixed costs: Fixed manufacturing overhead $42,900 Fixed selling and administrative expense $81,400 There were no beginning or ending inventories. The absorption costing unit product cost was: $105 per unit $151 per unit $112 per unit $233 per unit
Summit Electronics manufactures a single product. The company has provided the following data for its most recent month of operations: Number of units produced: 3,800 Variable costs per unit: • Direct materials: $95 Direct labor: $100 • Variable manufacturing overhead: $4 . Variable selling and administrative expense: $10 Fixed costs: • Fixed manufacturing overhead: $152,000 Fixed selling and administrative expense: $290,000 There were no beginning or ending inventories. Compute the absorption costing unit product cost.
Beamish Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 8,000 Variable costs per unit: Direct materials $ 37 Direct labor $ 56 Variable manufacturing overhead $ 4 Variable selling and administrative expense $ 2 Fixed costs: Fixed manufacturing overhead $ 312,000 Fixed selling and administrative expense $ 448,000 There were no beginning or ending inventories. The absorption costing unit product cost was: $93 per unit $136 per unit $97 per unit $194 per unit
What is the unit product cost under absorption costing?
The Macon Company uses the high-low method to determine its cost equation. The following information was gathered for the past year: Machine Hours Direct Labor Costs Busiest month (June) 14,000 $ 265,000 Slowest month (December) 6,000 $ 129,000 What are the direct labor costs per machine hour?
1. By how much did the company overallocate or underallocate MOH for the year? 2. Was MOH overallocated or underallocated for the year? How do you know? attached in ss below thanks fefe

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