Siren companys account details Siren Company builds custom fishing lures for sporting goods stores. Inits first year of operations, 2017, the company incurred the followingcosts.Variable Costs per UnitDirect materialsDirect labor$7.95$ 3.66$ 6.15Variable selling and administrative expenses$ 4.13Variable manufacturing overheadFixed Costs per YearFixed manufacturing overheadFixed selling and administrative expenses$ 2,43,800$2,22,706Siren Company sells the fishing lures for $26.50. During 2017, thecompany sold 80,000 lures and produced 92,000 lures. Assuming thecompany uses variable costing, calculate Siren's manufacturing costper unit for 2017.

Step 1: Understand Variable CostingUnder variable costing, only variable production costs are…

Answered: Siren Company builds custom fishing…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

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Chapter2: Building Blocks Of Managerial Accounting

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Problem 4EB: Roper Furniture manufactures office furniture and tracks cost data across their process. The...

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SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2017, the company incurred the following costs. Variable Costs per Unit Direct materials $7.95 Direct labor $3.66 Variable manufacturing overhead $6.15 Variable selling and administrative expenses $4.13 Fixed Costs per Year Fixed manufacturing overhead $251,750 Fixed selling and administrative expenses $222,706 Siren Company sells the fishing lures for $26.50. During 2017, the company sold 81,000 lures and produced 95,000 lures. Assuming the company uses variable costing, calculate Siren’s manufacturing cost per unit for 2017. (Round answer to 2 decimal places, e.g.10.50.) Manufacturing cost per unit $ Prepare a variable costing income statement for 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SIREN COMPANYIncome Statement…
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Excellent Motor Company makes electric cars and has two products, the Simplegreen and the Excellentgreen. To produce the Simplegreen, Excellent Motor employed assets of $10,500,000 at the beginning of 2017 and $14,450,000 of assets at the end of 2017. Other costs to manufacture the Simplegreen include the following: Direct materials $5,000 per unit Setup $1,500 per setup-hour Production $ 415 per machine-hour General administration and selling costs for Simplegreen total $7,820,000 in 2017. During the year, Excellent Motor produced 11,000 Simplegreen cars using 6,000 setup-hours and 139,000 machine-hours. It sold these cars for $12,000 each. Q. Assuming that Excellent Motor defines investment as average assets during the period, what is the return on investment for the Simplegreen division?
Excellent Motor Company makes electric cars and has two products, the Simplegreen and the Excellentgreen. To produce the Simplegreen, Excellent Motor employed assets of $10,500,000 at the beginning of 2017 and $14,450,000 of assets at the end of 2017. Other costs to manufacture the Simplegreen include the following: Direct materials $5,000 per unit Setup $1,500 per setup-hour Production $ 415 per machine-hour General administration and selling costs for Simplegreen total $7,820,000 in 2017. During the year, Excellent Motor produced 11,000 Simplegreen cars using 6,000 setup-hours and 139,000 machine-hours. It sold these cars for $12,000 each. Q. Calculate the residual income for Simplegreen if Excellent Motor has a required rate of return of 16% on investments.
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