Question:Olds Inc., which produces a single product, has provided the followingdata for its most recent month of operations:Number of units producedVariable costs per unit:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrative expenseFixed costs:Fixed manufacturing overhead7,000$ 149$ 98$ 6$ 16$ 2,45,000Fixed selling and administrative expense$ 4,83,000There were no beginning or ending inventories. The absorption costingunit product cost was.O $247 per unitO $373 per unitO $288 per unitO $253 per unit

To determine the absorption costing unit product cost, we need to include both variable and fixed…

Answered: Question: Olds Inc., 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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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:
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What is the total period cost for the month under absorption costing
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Consider the following information for Presidio Inc.'s most recent year of operations. Number of units produced 2,800 1,700 Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($331,240 + 2,800 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative $ 670.00 50.00 80.00 30.00 118.30 20,400.00 78,000.00 expenses Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 3 Complete a full absorption costing income statement for Presidio. Assume there…
a) A company manufactures a single product. Unit costs are: $/Unit Variable production cost 14.75 Fixed production 8.30 Variable selling 2.60 Fixed selling 5.45 400,000 units of the product were manufactured in a period, during which 394,000 units were sold. There was no inventory of the product at the beginning of the period. Required: 1) Use Marginal costing to calculate the total value of the finished goods inventory at the end of the period. 2) Many firms have decided to use marginal costing to prepare the income statement. Please briefly explain the benefits of using marginal costing. b) Newcastle Ltd manufactures and sells T-shirts imprinted with college names and slogans. Last Year, the shirts sold for £7.50 each, and the variable cost was £2.25 per shirt. The company needed to…
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense The total gross margin for the month under absorption costing is: Multiple Choice $81,900 $21,840 $128,430 $139,230 $ 144 0 3,020 2,730 290 $ 47 $21 $ 16 $9 $90,600 $35,490
The following data is for a company that produces a single product. Selling price 193 Units in beginning inventory Units produced 3,090 2,910 Units sold Variable costs per unit: Direct materials 53 Direct labor 59 2$ Variable manufacturing overhead Variable selling and administrative expense 15 13 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 89,610 $ 8,730 Required: a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using variable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E What is the unit product cost for the month under variable costing? Cost Per…
Ober Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense Required: $ 127 0 8,970 8,540 430 $ 37 $ 36.50 $ 5.50 $ 12.50 $ 183,885 $ 109,900 a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing.
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