Required informationUse the following information for the Exercise below. (Static)[The following information applies to the questions displayed below]Barnes Company reports the following for its product for its first year of operations.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expenses$ 35 per unit$ 25 per unit$ 10 per unit$ 48,000 per year$ 3er unit$ 20,000 per yearExercise 19-4 (Static) Computing cost per unit at different production levels LO P1, P2Compute total product cost per unit using absorption costing for the following production levels: (a) 2,000 units, (b) 2,400 units3,000 units.-Units producedProduct cost per unit using absorption costing2,0002,400 3,000Direct materialsDirect laborVariable overheadFixed overhead"Total product cost per unit24201694 $90 $86< Prev

ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…

Answered: Required information Use the following…

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 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $13 per DLH Actual Results 59,200 pounds @ $9.10 per pound 25,000 hours @ $17.60 per hour $ 334,000 8,400 units Exercise 21-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute total budgeted cost for June production. Total budgeted (standard) cost
! 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…
Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units at a price of $150 per unit. Direct materials $ 66 per unit Direct labor $ 25 per unit Variable overhead $ 9 per unit Fixed overhead $ 546,000 per year Variable selling and administrative expenses $ 10 per unit Fixed selling and administrative expenses $ 105,000 per year Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.
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Required information [The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,850 rackets and sold 5,330. Each racket was sold at a price of $90. Fixed overhead costs are $89,050 per year, and fixed selling and administrative costs are $67,000 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Vanable selling and administrative expenses Contribution margin Fixed overhead Fixed selling and administrative expenses 333 X x X > $ 89,050✔ 67,000 $479,700 335,790 $12 8 5 2 156,050 Income $ 179,740 "Red text indicates no response was expected in a cell or a formula-based calculation is…
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 $560,000 $100,000 During its first year of operations, O'Brien produced 98,000 units and sold 75,000 units. During its second year of operations, it produced 80,000 units and sold 98,000 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 $74 per unit. 2. Assume the company uses variable costing and a LIFO inventory flow assumption (LIFO means last-in first-out. In other words, it assumes that the newest units in inventory are sold first): a.…
Required information [The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for $76 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 58,000 units and sold 54,000 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 2. What is the unit product cost under absorption costing? The company sold 40,000 units in the East region and 14,000 units in the West region. It determined $320,000 of its fixed selling and administrative expense is traceable to the West region, $270,000 is traceable to the East region, and the remaining $50,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead…
Required information [The following information applies to the questions displayed below.] Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Average Cost per Unit $ 7.00 $ 4.00 $ 1.50 $ 5.00 $ 3.50 $ 2.50 $ 1.00 $ 0.50 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense
! Required information [The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for $76 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 58,000 units and sold 54,000 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 $ 23 $ 15 $3 $ 3 $ 1,160,000 $ 640,000 The company sold 40,000 units in the East region and 14,000 units in the West region. It determined that $320,000 of its fixed selling and administrative expense is traceable to the West region, $270,000 is traceable to the East region, and the remaining $50,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead…
Required information [The following information applies to the questions displayed below] Sedona Company set the following standard costs for one unit of its product for this year. Direct material (20 pounds @ $3.30 per pound) Direct labor (15 hours @ $6.00 per DLH) Variable overhead (15 hours @ $2.80 per DLH) Fixed overhead (15 hours @ $1.20 per DLH) Standard cost per unit The $4.00 ($2.80+ $1.20) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 43,500 units, which is 75% of the factory's capacity of 58,000 units per month. The following monthly flexible budget information is available. Flexible Budget Budgeted production (units) Budgeted direct labor (standard hours) Budgeted overhead. Variable overhead Fixed overhead Total overhead Actual variable overhead: Actual fixed overhead Actual total overhead $ 66.00 90.00 42.00 18.00 $ 216.00 $1,624,000 866,000 $ 2,490,000 Operating Levels (% of capacity) 75% 70% 40,600 609,000 $ 1,705, 200 783,000…

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