Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred thefollowing costs.Variable Costs per UnitDirect materials$10.50Direct labor$4.83Variable manufacturing overhead$8.12Variable selling and administrative expenses$5.46Fixed Costs per YearFixed manufacturing overhead$322,000Fixed selling and administrative expenses$294,140Siren Company sells the fishing lures for $35.00. During 2020. the company sold 79.000 lures and produced 92,000 lures.(a)Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2 decimalplaces, e.g. 10.50.)Manufacturing cost per unit

Variable costing is an idea utilized in administrative and cost bookkeeping in which the fixed…

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020. the company incurred the following costs. Variable Costs per Unit Direct materials $10.50 Direct labor $4.83 Variable manufacturing overhead $8.12 Variable selling and administrative expenses $5.46 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administratie expenses $322,000 $294,140 Siren Company sells the fishing lures for $35.00. During 2020. the company sold 79.000 lures and produced 92,000 lures. (a) Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2 decimal places, eg. 10.50.) Manufacturing cost per unit

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020. the company incurred the following costs. Variable Costs per Unit Direct materials $10.50 Direct labor $4.83 Variable manufacturing overhead $8.12 Variable selling and administrative expenses $5.46 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administratie expenses $322,000 $294,140 Siren Company sells the fishing lures for $35.00. During 2020. the company sold 79.000 lures and produced 92,000 lures. (a) Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2 decimal places, eg. 10.50.) Manufacturing cost per unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the
following costs.
Variable Costs per Unit
Direct materials
$10.50
Direct labor
$4.83
Variable manufacturing overhead
$8.12
Variable selling and administrative expenses
$5.46
Fixed Costs per Year
Fixed manufacturing overhead
$322,000
Fixed selling and administrative expenses
$294,140
Siren Company sells the fishing lures for $35.00. During 2020. the company sold 79.000 lures and produced 92,000 lures.
(a)
Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2 decimal
places, e.g. 10.50.)
Manufacturing cost per unit

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