Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,680 8,480 8,860 8,860 33,880 Direct material per unit 2 2 2 Total pounds needed for production 15,360 16,960 17,720 17,720 67,760 Add: Desired ending inventory 4,240 4,430 4,430 3,600 3,600 Total material required 19,600 21,390 22,150 21,320 71,360 Less: Beginning inventory 4,240 4,430 4,430 Pounds of direct material purchase requirements 19,600 17,150 17,720 16,890 71,360 Cost per pound $1.50 $1.50 $1.50 $1.50 $1.50 Total cost of direct material purchase $29,400 $25,725 $26,580 $25,335 $107,040 Total $107,040 Direct Labor Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,680 8,480 8,860 Direct labor hours per unit 0.75 0.75 0.75 0.75 0.75 Total required direct labor hours 5,760 6,360 6,645 6,645 Labor cost per hour $25 $25 $25 $25 $25 Total direct labor cost $144,000 $159,000 $166,125 $ $635,250

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,680 8,480 8,860 8,860 33,880 Direct material per unit 2 2 2 Total pounds needed for production 15,360 16,960 17,720 17,720 67,760 Add: Desired ending inventory 4,240 4,430 4,430 3,600 3,600 Total material required 19,600 21,390 22,150 21,320 71,360 Less: Beginning inventory 4,240 4,430 4,430 Pounds of direct material purchase requirements 19,600 17,150 17,720 16,890 71,360 Cost per pound $1.50 $1.50 $1.50 $1.50 $1.50 Total cost of direct material purchase $29,400 $25,725 $26,580 $25,335 $107,040 Total $107,040 Direct Labor Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,680 8,480 8,860 Direct labor hours per unit 0.75 0.75 0.75 0.75 0.75 Total required direct labor hours 5,760 6,360 6,645 6,645 Labor cost per hour $25 $25 $25 $25 $25 Total direct labor cost $144,000 $159,000 $166,125 $ $635,250

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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Exercise 7-14 Variable Costing Unit Product Cost and Income Statement; Break-Even Analysis [LO7-1, LO7-2] Chuck Wagon Grills, Inc., makes a single product-a handmade specialty barbecue grill that it sells for $200. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials 9,500 8,700 800 24 80 20 10 30 Direct labor Variable manufacturing overhead Variable selling and administrative 2$ Total variable cost per unit 140 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 170,000 160,000 $ 330,000 Total fixed costs Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses variable costing. Prepare a contribution format income statement for last year. 3. What is the company's break-even point in terms of the number of barbecue grills sold? Complete this question by entering…
PROBLEM 2. The management of B Company uses the following unit costs for the one product it manufactures Projected Cost Per Unit Direct Materials P30.00 Direct Labor 19.00 Variable Overhead 6.00 Fixed overhead (based on 10,000 units per month) 5.00 Variable selling and administrative Fixed selling and administrative (based on 10,000 units per month) 4.00 2.80 Units Beginning Inventory 2,000 Production 9,000 Available 11,000 Sales 7,500 Ending Inventory 3,500 REQUIRED: prepare projected income statements for June 2018 for management purposes under each of the following product costing methods: 1. Absorption costing with all variances charged to cost of goods sold for each month. 2. Direct (variable) costing 3. Supporting schedules calculating inventoriable production costs per unit. Ignore income taxes.
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Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Multiple Choice $133,100 $93,100 Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead $ 40,000 Fixed selling and administrative expense $ 73,500 What is the total period cost for the month under the absorption costing? $40,000 $95 $73,500 5,000 4,900 100 $ 26 $ 40 ta ta ta ta $ $ 4
High-Low Method The manufacturing costs of Rosenthal Industries for the first three months of the year follow: Total Costs Production January $75,240 855 units February 86,530 1,700 March 117,040 2,755 Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. a. Variable cost per unit $fill in the blank 1 b. Total fixed cost $fill in the blank 2
Units in beginning inventory 0 Units produced 18,000 Units sold 15,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 270 Direct labor $ 380 Variable manufacturing overhead $ 48 Variable selling and administrative $ 21 Fixed costs: Fixed manufacturing overhead $ 650,000 Fixed selling and administrative $ 480,000 1.Absorption costing unit product cost: 2.Variable costing unit product cost:
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Trio Company reports the following information for its first year of operations. $ 20 per unit $ 21 per unit $ 9 per unit $ 263,250 per year 20,250 units 15,500 units 4,750 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Exercise 19-2 (Algo) Computing unit and inventory costs under variable costing LO P1 Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit $ Variable costing 0 per unit
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PAS. LO 5.3 Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs, Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct materilal Direct labor $ 10,000 19,000 50,000 75,000 37,248 $191,248 5,000 20,000 19,000 Beginning work in process Units started into production Transferred out Applied overhead Total costs to account for