Rios Company makes drones and uses the variable cost method in setting product price. Its costs for producing 42,000 units follow.The company targets a profit of $322,000 on this product.Variable Costs per UnitDirect materialsDirect laborOverheadSelling, general and administrativeFixed Costs (total)OverheadSelling, general and administrative$ 926247371. Compute the total variable cost and the markup percentage.2. Compute the dollar markup per unit on variable cost.3. Compute the selling price per unit.(For all requirements, round your final answers to the nearest whole number.)1. Total variable costs S1. Markup percentage2. Markup per unit3. Selling price per unit$692,000634,000Answer is complete but not entirely correct.2381639277✔$S

Total Variable cost is the variable cost per unit into the total number of units producedTotal…

Answered: t labor ead mg, general and…

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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A Cothing Manufacturing Company provides the following unit costs associated with one of its products: Direct materials. Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead Operating costs Total $160 50 55 32 30 $327 What are the period costs per unit associated with the Product? O A $30 O B. $33 OC. $100 O D. $17
Total Material cost is 500000 OMR Fixed cost is 0. Calculate Total Variable cost Select one: O a. 253000 Units O b. 251000 OMR O c. 252000 Units O d. 500000 OMR ge
Total Labour Cost is 315000 OMR. Total labour Fixed cost is 50000 OMR. Calculate Total labour Variable cost Select one: a. 165000 OMR b. 50000 OMR c. 265000 OMR d. 105000 OMR
Test II. MATCHING Match the type of income statement to the costs it includes.a. Variable costing income statementb. Absorption costing income statementc. Both types of income statements 1. Direct materials for units sold2. Direct labor for units sold3. Variable overhead for units sold4. Fixed factory overhead for the period5. Only fixed factory overhead for units sold6. Variable selling expense7. Fixed selling expense8. Administrative expense
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? re to search Multiple Choice $7.80 $3.40 II
Question 1 Answer: Question 2 a Total Manufacturing Costs: Variable Fixed Factory Overhead Total Cost Per Unit b Markup Percentage % Seling Price
CS_3_QA2_PIR: Req 2A: Compute the unit product cost for Year 1, Year 2, and Year 3. Unit Product Cost Year 1 Year 2 Year 3 Req 2B: Prepare an income statement for Year 1, Year 2, and Year 3. O’Brien Company Variable Costing Income Statement Year 1 Year 2 Year 3 Variable expenses: Total variable expenses Fixed expenses: Total fixed expenses
5
Using this information from Planters, Inc., what is the cost per unit under variable costing? Round to the nearest penny, two decimal places. Planters, Inc data Cost Production Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Amount 11,808 units $231 271 105 1,150,457
CS_3_QA1_PIR: Req 1A: Compute the unit product cost for Year 1, Year 2, and Year 3. Unit Product Cost Year 1 Year 2 Year 3 Req 1B: Prepare an income statement for Year 1, Year 2, and Year 3. O’Brien Company Variable Costing Income Statement Year 1 Year 2 Year 3 Variable expenses: Total variable expenses 0 0 0 0 0 0 Fixed expenses: Total fixed expenses 0 0 0 $0 $0 $0
High-low method Evander Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows: Units Produced 1,430 2,530 3,630 Total Costs $190,080 262,310 295,680 a. Determine the variable cost per unit and the total fixed cost. Variable cost $ Total fixed cost $ b. Based on part (a), estimate the total cost for 1,820 units of production. Total cost for 1,820 units $
Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…

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t labor ead mg, general and administrative Fixed Costs (total) ead ng, general and administrative $692 63 ute the total variable cost and the markup pero oute the dollar markup per unit on variable cost oute the selling price per unit. requirements, round your final answers to the