Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P30, Direct Labor P15, Factory overhead P 20,000.00. Selling and administrative incurred P10,000.00. How much is the gross profit per unit P 30.00 P 20.00 P 75.00 P 10.00

Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P30, Direct Labor P15, Factory overhead P 20,000.00. Selling and administrative incurred P10,000.00. How much is the gross profit per unit P 30.00 P 20.00 P 75.00 P 10.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A company manufactures and sells a single product at Shs.150 per unit. Production costs per unit…

A: Absorption costingIt includes all fixed and variable costs in the cost of goods sold.It is more…

Q: Kau Corp. reported the following information for the most recent years ended: Year 1 Year 2…

A: The income statement is prepared using various methods as absorption costing and variable costing.…

Q: Reyes Company: January 1: RM P270,000; WIP PO; FG P45,000 (100 units); March 31: RM P169,000; WIP…

A: The amount of total purchase is associated with purchase of raw material. Material consumed = Raw…

Q: Granfield Company has a piece of manufacturing equipment with a book value of $45,500 and a…

A: Hi studentSince there are multiple questions, we will answer only first question.Incremental costs…

Q: Seved Marutechring ovetheaed was estimated to be $40Q,00 for the year along with 20,000 direct labor…

A: Predetermined overhead rate = estimated total manufacturing overhead cost / direct labor-hours =…

Q: Company A manufactures and sells one product. During the first year the company produced and sold…

A: Absorption costing means a method of costing where all fixed overhead has been absorbed on the basis…

Q: Determine: Break-even unit sales Given: Total Sales: $550,000…

A: To compute: Break-even unit sales = Break-even sales / Selling price per unit Break-even unit sales…

Q: Juztine Company produces a single type of necklace being sold for P 25 per unit. The following…

A: Partial productivity describes the relationship between the output and the single input that is…

Q: Total Product cost per unit? produced 44,000 units and sold 36,000 units at a price of $140 per…

A: Fixed overhead absorption rate = Total fixed overhead Number of units produced = $528,00044,000…

Q: Anteater company produces 8.000 units and its average costs per unit are as follows: Particulars…

A: Total manufacturing costs refer to the sum of all expenses incurred during the production process of…

Q: Given the following information, determine the amount of Profit or Loss: Cost of sales: $46,000…

A: Cost of sales = $46,000Cost of labor = $54,000Cost of overhead = $39,000Total Sales = $120,000

Q: Assume the following information for a company that produced 10,000 units and sold 9,000 units…

A: Answer:- Net operating income meaning:- A financial statistic known as net operating income is the…

Q: The following information is available for Yamaha Company for its first year of operations: Sales in…

Q: The financial information for Cub Company is shown below: Prime costs…

A: Direct labor is defined as the production or the services labor that is allocated to the particular…

Q: TC Co is manufacturing and selling product M with the following information: Unit sales price = $70…

A: TC Co. is manufacturing and selling product M. Units sales price = $70 Direct costs per unit :…

Q: K Bose Company has total fed costs of $580.000 Total feed and variable costs are $642.500 at a…

A: Fixed cost refers to the cost of the products which does not change with the increase or decrease of…

Q: Materials Php 65,000.00 (Php 15,000.00 is indirect) Labor Php 70,000.00 (Php 18,000.00 is indirect)…

A: Period cost is the total cost that is not added to the unit cost of the product. It is the cost that…

Q: Required: Cost of goods sold statement P1,100,000 6% of sales 2% of sales 300,000 240,000 Sales…

A: Raw materials are the direct materials that are used in the direct production of goods. The raw…

Q: Assume R100 000 direct material was issued to the company. Direct labour paid amounted to R30 000.…

A: The total manufacturing costs is the sum of the direct materials, direct labour, and manufacturing…

Q: the following selected Variable costs Direct materials used Direct labor Manufacturing overhead…

A: The product costs are the costs that directly or indirectly relate to the production process. The…

Q: Andretti Company has a single product called a Dak. The company normally produces and sells 87,000…

A: Relevant cost is the cost which varies under two alternatives. If the cost is not avoidable and…

Q: Irene LLC produces and sells a single product with the following costs: Var SG&A $2 per…

Q: Sales (units) 2 500 Price $ 1000 per unit Materials costs $ 200 per unit Labour costs $150 per unit…

A: Formula: Operating profit =Revenues - Expenses

Q: Birdsong Company's CVP income statement included fixed expenses of $176,000 when 5,000 units were…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: The following information pertains to the Lurkins Company Sales price per unit $ 160 Variable cost…

A: Unit sales can be computed by dividing total fixed costs and net income of the business by…

Q: Wyckam Manufacturing Incorporated has provided the following estimates concerning its manufacturing…

A: Manufacturing costs may vary based on factors such as production volume, production methods,…

Q: Wu Company Incurred $47,000 of fixed cost and $60,000 of variable cost when 4,700 units of product…

A: Total cost refers to the sum of all costs incurred by a company or individual in the production of…

Q: Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the…

A: Lets understand the basics. When special order condition arise the management needs to calculate the…

Q: Mala Company has 2 product lines, Basic and Premium. It produces 2,000 units of Basic and 4,000…

A: Labor cost for Basic = 2,000 units x $5 per DL per unit = $10,000 Labor cost for Premium = 4,000…

Q: Pederson Company reported the following: Manufacturing costs $2,385,000 Units manufactured Units…

A: GROSS PROFIT MARGIN Gross Profit Margin is Computed by deducting Cost of Goods Sold From Total…

Q: 1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct…

A: Cost of goods sold refers to the total cost of merchandise inventory sold during a particular…

Q: Q. In January, a company incurred a total product cost of $465,000, Conversion costs were 70% of…

A: The total product cost omprises of direct materials, direct labor and overhead cost.

Q: The Peterson company incurred the following revenue and costs in the month of May: Sales Revenue S…

A: Gross margin is difference between revenue and cost of goods sold (COGS). It is a profitability…

Q: Company A manufactures and sells one product. During the first year the company produced and sold…

A: The income statement involves the revenues and expenses of the company and it shows the net income.

Q: The Pritchert Company recorded the following manufacturing costs in the accounting period just…

A: Solution... Conversion costs is a sum of Direct labour + manufacturing overhead costs .…

Q: W A Corporation produces a single product. The cost of producing and selling a single unit of this…

A: Cost per unit is defined as the actual cost an entity disburses to create or acquire a single item.…

Q: b) Production and sales data of Industrial Detergents Ltd are given below: Production (liters)…

A: Variable costing Vs. Absorption costing: Absorption costing includes all of the direct costs…

Question

P 30.00

P 20.00

P 75.00

P 10.00

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

15. Orion Company sells several products. Information of average revenue and costs is as follows: Selling price per unit $23 Variable cost per unit: Direct material $4.00 Direct manufacturing labor $1.60 Variable manufacturing Overhead $0.40 Sales commission $2.10 Annual fixed costs $100,000 The company sells 12,000 units at the end of the year. The contribution per unit is? a. $16.50 b. $14.90 c. $18.60 d. $19.00
If works cost is Rs. 40,00,000 and office overheads are 20% of cost of production then what is cost of production? Oa. Rs 50,00,000 Ob. Rs 48,00,000 C.Rs 55,00,000 Od. Rs 32,00,000
Production in units 25,000 Material costs P150,000 Direct labor costs 2,500 hours at P38.50 per hour Factory overhead P5 per swimsuit plus P50,000 per month Selling expense P2 per swimsuit plus P70,000 a month Sold swimsuits in units 20,000 Gross profit rate 25% The sales revenue is:
ware Company reported the following: Manufacturing costs $2,000,000 Units manufactured 50,000 Units sold 47,000 units sold for $75 per unit Beginning inventory 0 units What is the average manufacturing cost per unit? Select one: a. $75.00 b. $0.025 C. $42.55 d. $40.00
H
COST OF GOODS SOLD IS 107,500. SHOW THE SOLUTION
The Cost Sheet of Picon Sales Corporation provides the following information: Cost per Particulars unit (Rs.) Raw Material 250 Direct Labour 400 Overheads (including 100 Depreciation Rs. 50/-) Total Cost 750 Profits 250 Selling Price 1000 Avg. raw material stock is of one month. Avg. work in progress is for half month. Credit period allowed by suppliers is one month and to customers is also one month. Avg. time lag in payment of wages is 10 days and overheads is 30 days. 25% of the sales are on cash basis. Finished goods lie in stock for one month. Cash balance at the beginning is expected to be Rs. 200,000. You are required to prepared a statement of the working capital needed to finance a level of the activity of 54,000 units of output. Production is carried out evenly throughout the year and wages and overheads accrue similarly. Please state your assumptions, if any.
X corp incurred the following in production of 100,000 units of product X: (Sold units is 80,000 units at 5 per unit) Direct materials 100,000.00 Direct labor 80,000.00 VOH 40,000.00 FOH 50,000.00 Fixed expenses 12,000.00 Variable expenses 46,000.00 What is the product unit cost under Absorption costing? 2.70 270,000 3.00 2.20 None of the above
Monroe Manufacturing produces and sells a product with a price of $100/unit. The following data has been prepared for its estimated upper and lower levels of activity. Production Category Lower Limit Upper Limit Units of Production 4,000 units 6,000 units Direct Materials $60,000 $90,000 Direct Labor $80,000 $120,000 Manufacturing Overhead: Indirect materials $25,000 $37,500 Indirect labor $40,000 $50,000 Depreciation $20,000 $20,000 Selling and Admin. Expenses: Sales salaries $50,000 $65,000 Office salaries $30,000 $30,000 Advertising $45,000 $45,000 Other $15,000 $20,000 Totals $365,000 $477,500 The only variable expenses for this company are Question 15 options: indirect materials, direct materials, and direct labor. all categories of selling and administrative expenses. indirect materials, indirect labor, direct materials, and direct labor. None of these.
MAS 1 Company sells 10,000 units of its products to SM Supermarket. Its selling price is P 50 per unit. The details of its costs are as follows: Direct Materials P 6 per unit Direct Labor P 10 per unit Variable Factory Overhead P 4 per unit Fixed Factory Overhead P 150,000 Variable Expenses P 5 per unit Fixed Expenses P 50,000 Assume each questions as independent assumptions: 10. Contribution margin at P100,000 profit 11. Contribution margin at (P50,000) loss 12. Units sold when there is P100,000 profit 13. Units sold when there is (P50,000) loss 14. Fixed costs and expenses at P100,000 profit 15. Fixed costs and expenses at (P50,000) loss
10 In July, TPM Co. incurred total costs of $60,000 and made 6000 units. In December it produced 4000 units and total costs were $40,000. What is the variable cost per unit? a. S12.00 b. $15.00 c. S10.00 d. $8.00
Reyes Company: January 1: RM P270,000; WIP P0; FG P45,000 (100 units); March 31: RM P169,000; WIP P0; FG P? (600 units). During the first quarter, direct materials used were P2,295,000; direct labor P2,500,000; factory overhead P1,250,000; sales were 12,500 units at P600 per unit. Medollar uses FIFO method of costing inventories. What is the amount of total purchases for quarter ending March 31? a.P2,000,000 b.P2,194,000 c.P2,396,000 d.None of the above