Exercise 7-1 (Algo) Variable and Absorption Costing Unit Product Costs [LO7-1]Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for$834. Selected data for the company's operations last year follow:Units in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable costs per unit:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrative:Fixed cost:Fixed manufacturing overheadFixed selling and administrative23,00021,0002,0001. Absorption costing unit product cost2. Variable costing unit product cost$300$ 350$ 47$15$630,000$ 480,000Required:1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediatecalculations and final answer to the nearest whole dollar amount.)2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.

calculation of unit product cost under absorption costing and under variable costing are as follows

s Exercise 7-1 (Algo) Variable and Absorption Costing Unit Product Costs [LO7-1] Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $834. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 23,000 21,000 2,000 $ 300 $350 $ 47 $15 $ 630,000 $ 480,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing Compute the unit product cost for one gamelan. 1. Absorption costing unit product cost

s Exercise 7-1 (Algo) Variable and Absorption Costing Unit Product Costs [LO7-1] Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $834. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 23,000 21,000 2,000 $ 300 $350 $ 47 $15 $ 630,000 $ 480,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing Compute the unit product cost for one gamelan. 1. Absorption costing unit product cost

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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Profit Centers: Comparison of Variable and Full Costing Yale Company manufactures hairbrushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prioryear. These data summarize the current and prior year operations:[LO 18-3, 18-4]Prior Year Current YearSales 1,800 units 2,200 unitsProduction 2,000 units $2,000 unitsProduction costFactory—variable (per unit) $0.60 $0.60—fixed $1,000 $1,000Marketing—variable $.40 $.40Administrative—fixed $500 $500Required1. Prepare an income statement for each year based on full costing.2. Prepare an income statement for each year based on variable costing.3. Prepare a reconciliation and explanation of the difference each year in the operating income resultingfrom using the full costing method and variable costing method.
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Exercise 6-1 (Algo) Variable and Absorption Costing Unit Product Costs [LO6-1] Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $805. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 12,000 9,000 3,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 200 $360 $ 55 $ 16 $ 840,000 $ 500,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
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