The following data is for a company that produces a single product. selling price 193 Units in beginning inventory Units produced Units sold 3,090 2,910 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 53 59 15 13 $ 89,610 $ 8,730 Requlred: a. What is the unit product cost for the month under varlable 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 varlable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating Incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: < Required B Required D >

The following data is for a company that produces a single product. selling price 193 Units in beginning inventory Units produced Units sold 3,090 2,910 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 53 59 15 13 $ 89,610 $ 8,730 Requlred: a. What is the unit product cost for the month under varlable 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 varlable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating Incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: < Required B Required D >

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
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