please do not provide solution in image format thank you! The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enoughcustomer demand to justify producing its full capacity of 4,200 sets per year. Annual cost data at full capacity follow:Direct laborAdvertisingFactory supervisionProperty taxes, factory buildingSales commissionsInsurance, factoryDepreciation, administrative office equipmentLease cost, factory equipmentIndirect materials, factoryDepreciation, factory building.Administrative office supplies (billing)Administrative office salariesDirect materials used (vood, bolts, etc.)Utilities, factory$ 92,000$ 99,000$ 66,000$ 20,000$ 63,000$ 8,000$ 2,000$ 11,000$18,000$104,000$4,000$ 112,000$431,000$40,000Required:1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, asvariable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a productcost. (If the item is a product cost, it should also be classified as either direct or indirect.)2. Compute the average product cost of one patio set.3. Assume that production drops to only 1,000 sets annually. Would you expect the average product cost per set to increase, decrease,or remain unchanged?

Product cost is the cost of the entity in producing or manufacturing a product during a given…

Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as either direct or indirect.) 2. Compute the average product cost of one patio set. 3. Assume that production drops to only 1,000 sets annually. Would you expect the average product cost per set to increase, decrease, or remain unchanged?

Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as either direct or indirect.) 2. Compute the average product cost of one patio set. 3. Assume that production drops to only 1,000 sets annually. Would you expect the average product cost per set to increase, decrease, or remain unchanged?

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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