Subject:- General AccountAaker Corporation, which has only one product, has provided thefollowing data concerning its most recent month of operations:Selling priceUnits in beginning inventoryUnits produced$ 11906,550Units sold6,250Units in ending inventory300Variable costs per unit:Direct materials$ 17Direct labor$ 47Variable manufacturing overhead$ 11Variable selling and administrative$ 11Fixed costs:Fixed manufacturing overhead$1,76,850Fixed selling and administrative$25,500What is the unit product cost for the month under variablecosting?a. $86 per unitsb. $113 per unitsc. $102 per unitsd. $75 per units

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Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs: Fixed overhead per unit = 280,000/40,000 units produced = 7. Total fixed factory overhead is 280,000 per month. During October, 38,400 units were sold at a price of 24, and fixed marketing and administrative expenses were 130,500. Required: 1. Calculate the cost of each unit using absorption costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?
Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Subject: Cost Account Deboer Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced $ 182 50 2,140 Units sold 880 Units in ending inventory 1,310 Variable costs per unit: Direct materials $ 80 Direct labor Variable manufacturing overhead Variable selling and administrative $ 32 $9 $ 15 Fixed costs: Fixed manufacturing overhead $ 25,680 Fixed selling and administrative $ 21,120 What is the total period cost for the month under the variable costing approach?
A manufacturing company has provided the following data concerning its most recent month ofoperations:Selling price£176Units in beginning inventory0Units produced10,400Units sold9,800Units in ending inventory600Variable costs per unit:Direct materials£ 24Direct labour£ 46Variable manufacturing overhead£ 4Variable selling and administrative£ 10Fixed costs:Fixed manufacturing overhead£322,400 Fixed selling and administrative£129,200The total contribution margin for the month under the variable costing approach is:A. £ 901600B. £ 128,400C. £ 499,800D. £ 196.000
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Ober Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price 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 expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense Required: $ 127 0 8,970 8,540 430 $ 37 $ 36.50 $ 5.50 $ 12.50 $ 183,885 $ 109,900 a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing.
Subject:- General Account Leibson Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling Price $99.00 Units in beginning inventory 500 Units produced 6,800 Units sold 6,900 Units in ending inventory 400 Variable costs per unit: Direct materials $ 41.00 Direct labor Variable manufacturing overhead Variable selling and administrative $28.00 $3.00 $ 8.00 Fixed costs: Fixed manufacturing overhead $ 47,600.00 Fixed selling and administrative $ 82,800.00 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using variable costing. d. Prepare an income statement…
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