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Requirement 1. Using vanable costing, calculate the unit product cost. (Hound your tinal answer to the nearest cent) Variable costing Unit product cost Requirement 2. Prepare an income statement using the contribution margin format. Salem, Inc. Income Statement (Variable Costing) For the Month Ended November 30 Operating Income 134.00 TI | ||

Requirement 1. Using vanable costing, calculate the unit product cost. (Hound your tinal answer to the nearest cent) Variable costing Unit product cost Requirement 2. Prepare an income statement using the contribution margin format. Salem, Inc. Income Statement (Variable Costing) For the Month Ended November 30 Operating Income 134.00 TI | ||

FINANCIAL ACCOUNTING
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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Salem, Inc. has collected the following data for November (there are no beginning inventories): (Click the icon to view the data.) Read the requirements Requirement 1. Using vanable costing, calculate the unit product cost. (Hound your tinat answer to the nearest cent) Variable costing Unit product cost Requirement 2. Prepare an income statement using the contribution margin format Salem, Inc. Income Statement (Variable Costing) For the Month Ended November 30 Operating income $ m 134.00
Transcribed Image Text:Salem, Inc. has collected the following data for November (there are no beginning inventories): (Click the icon to view the data.) Read the requirements Requirement 1. Using vanable costing, calculate the unit product cost. (Hound your tinat answer to the nearest cent) Variable costing Unit product cost Requirement 2. Prepare an income statement using the contribution margin format Salem, Inc. Income Statement (Variable Costing) For the Month Ended November 30 Operating income $ m 134.00
Data table Units produced and sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs - X 800 units $300 per unit 62 per unit 52 per unit 20 per unit 12,800 per month 45 per unit 4,925 per month
Transcribed Image Text:Data table Units produced and sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs - X 800 units $300 per unit 62 per unit 52 per unit 20 per unit 12,800 per month 45 per unit 4,925 per month
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