Required information[The following information applies to the questions displayed below.]Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 unitsat a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expenses2a. Assume the company uses variable costing. Determine its total product cost per unit.VariablecostingPer unit product cost using:Total product cost per unit$ 48 per unit$ 18 per unit$6 per unit$ 440,000 per year$ 12 per unit105,000 per year.$ [The following information applies to the questions displayed below.]Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36at a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expenses2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.Income$ 48 per unit$ 18 per unit$6 per unit440,000 per year$$ 12 per unit$ 105,000 per yearIncome Statement (Variable Costing)

Using variable costing, the cost of goods include only the variable manufacturing costs. The net…

! Required information [The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 units at a price of $120 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses 2a. Assume the company uses variable costing. Determine its total product cost per unit. Variable costing Per unit product cost using: Total product cost per unit $ $ $ 48 per unit $ 18 per unit $6 per unit 440,000 per year $ 12 per unit 105,000 per year

! Required information [The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 units at a price of $120 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses 2a. Assume the company uses variable costing. Determine its total product cost per unit. Variable costing Per unit product cost using: Total product cost per unit $ $ $ 48 per unit $ 18 per unit $6 per unit 440,000 per year $ 12 per unit 105,000 per year

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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Trio Company reports the following information for its first year of operations. Direct materials $ 13 per unit Direct labor $ 17 per unit Variable overhead $ 7 per unit Fixed overhead $ 220,950 per year Units produced 24,550 units Units sold 18,000 units Ending finished goods inventory 6,550 units 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.
Required information [The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for $77 per unit in two geographic regions-East and West. The following information pertains to the company's first year of operations in which it produced 48,000 units and sold 43,000 units. Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense Required: 1. What is the unit product cost under variable costing? $ 27 $ 12 $ 3 $5 The company sold 33,000 units in the East region and 10,000 units in the West region. It determined that $220,000 of its fixed selling and administrative expense is traceable to the West region, $170,000 is traceable to the East region, and the remaining $66,000 is a common fixed expense. The company will continue to incur the total amount of its…
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Trio Company reports the following information for its first year of operations. Direct materials $ 18 per unit Direct labor $ 19 per unit Variable overhead $ 7 per unit Fixed overhead $ 221,650 per year Units produced 20,150 units Units sold 15,500 units Ending finished goods inventory 4,650 units 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.
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! Required information [The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Income Statement (Absorption Costing) 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Sales Cost of goods sold Gross profit Income Income $ $ $ $ 5,040,000 3,240,000 1,800,000 1,404,000 396,000 $ 60 per unit $ 22 per unit $ 8 per unit 528,000 per year $ 11 per unit 105,000 per year
Required information [The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for $73 per unit in two geographic regions-the East and West regions. The following information pertains to the company's first year of operations in which it produced 44,000 units and sold 39,000 units. Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense a. What is the company's break-even point in unit sales? The company sold 29,000 units in the East region and 10,000 units in the West region. It determined that $180,000 of its fixed selling and administrative expense is traceable to the West region, $130,000 is traceable to the East region, and the remaining $90,000 is a common fixed expense. The company will continue to incur the total amount of its fixed…
Assume the following information for a company that produced 10,000 units and sold 9,000 units during its first year of operations: Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Per Unit $ 200 $ 72 $ 50 $ 10 $8 Multiple Choice $ 287,000 Which of the following choices explains the relationship between the absorption costing net operating income and the variable costing net operating income? The absorption costing net operating income will be lower than the variable costing net operating income by $28,700. The absorption costing net operating income will be lower than the variable costing net operating income by $100,700. Per Year The absorption costing net operating income will be higher than the variable costing net operating income by $28,700.
Consider the following information for Presidio Incorporated's most recent year of operations. Number of units produced 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 ($282,960 2,400 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Req 2A Reg 2B 2,400 1,500 $ 630.00 65.00 95.00 45.00 117.90 Req 3 Gross Margin Less: Non-Manufacturing Expenses 21,000.00 74,000.00 Complete a full absorption costing income statement for Presidio.…
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On January 1, 2025, Blossom Company has the following defined benefit pension plan balances. Projected benefit obligation $4,454,000 Fair value of plan assets 4,140,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its pension agreement so that prior service costs of $509,000 are created. Other data related to the pension plan are as follows. 2025 2026 Service cost $149,000 $177,000 Prior service cost amortization -0- 92,000 Contributions (funding) to the plan 237,000 283,000 Benefits paid 196,000 274,000 Actual return on plan assets 248,400 260,000 Expected rate of return on assets 6% 8% (a) Prepare a pension worksheet for the pension plan for 2025 and 2026. (Enter all amounts as positive.) BLOSSOM COMPANY Pension Worksheet-2025 and 2026 General Journal Entries OCI-Prior Service Cost OCI-Gain/ Pel Loss