A review of Plunkett Corporation's accounting records for last year disclosedthe following selectedVariable costsDirect materials usedDirect laborManufacturing overheadSelling costsFixed costsManufacturing overheadSelling costsAdministrative costs$ 56,000$179,100$154,000$108,400$267.000$121,000$235,900In addition, the company suffered a $27,700 uninsured factory fire loss duringthe year. What were Plunkett's product costs and period costs for last year? O Product costs =$235,100 and the period costs= $914,000O Product costs-$683,800 and Period Costs= 465.300Product costs -$497,500 and Period costs -$651,600O product costs $656,100 and the period costs- $493,000

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Description: A review of Plunkett Corporation's accounting records for last year disclosedthe following selectedVariable costsDirect materials usedDirect laborManufacturing overheadSelling costsFixed costsManufacturing overheadSelling costsAdministrative costs$

The product costs are the costs that directly or indirectly relate to the production process. The…

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the following selected Variable costs Direct materials used Direct labor Manufacturing overhead Selling costs Fixed costs Manufacturing overhead Selling costs Administrative costs $ 56,000 $179,100 $154.000 $108,400 $267,000 $121,000 $235,900 last year disclosed In addition, the company suffered a $27,700 uninsured factory fire loss during

the following selected Variable costs Direct materials used Direct labor Manufacturing overhead Selling costs Fixed costs Manufacturing overhead Selling costs Administrative costs $ 56,000 $179,100 $154.000 $108,400 $267,000 $121,000 $235,900 last year disclosed In addition, the company suffered a $27,700 uninsured factory fire loss during

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2,235,000; and net loss $235,000. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold $1,568,000 $1,050,000 $518,000 Selling expenses 517,000 92,000 425,000 Administrative expenses 150,000 58,000 92,000 $2,235,000 $1,200,000 $1,035,000 Management is considering the following independent alternatives for 2020. 1. Increase unit selling price 25% with no change in costs and expenses. 2. 3. Change the compensation of salespersons from fixed annual salaries totaling $200,000 to total salaries of $40,000 plus a 5% commission on net sales. Purchase new high-tech factory machinery that will change the proportion between variable and fixed cost of goods sold to 50:50. (a) Compute the break-even point in dollars for 2019.…
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