! Required information [The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead $ 19 per unit $ 23 per unit $ 3 per unit $ 225,500 per year Units produced Units sold Ending finished goods inventory 22,550 units 17,000 units 5,550 units 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing.

! Required information [The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead $ 19 per unit $ 23 per unit $ 3 per unit $ 225,500 per year Units produced Units sold Ending finished goods inventory 22,550 units 17,000 units 5,550 units 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing.

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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! Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: 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 expenses a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. During its first year of operations, O'Brien produced 98,000 units and sold 74,000 units. During its second year of operations, it produced 80,000 units and sold 99,000 units. In its third year, O'Brien produced 90,000 units and sold 85,000 units. The selling price of the company's product is $78 per unit. Req 4A 4. Assume the company uses absorption costing and a LIFO inventory flow assumption (LIFO…
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