The pictures below are supposed to be answered using this information: Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs.Variable Costs per Unit Direct materials $10.65Direct labor $4.90Variable manufacturing overhead $8.24Variable selling and administrative expenses $5.54 Fixed Costs per Year Fixed manufacturing overhead $319,500Fixed selling and administrative expenses $298,342Siren Company sells the fishing lures for $35.50. During 2020, the company sold 80,000 lures and produced 90,000 lures. Assuming the company uses absorption costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2decimal places, e.g. 10.50.)Manufacturing cost per unit2$eTextbook and MediaPrepare an absorption costing income statement for 2020. (Enter negative amounts using either a negative sign preceding thenumber e.g. -45 or parentheses e.g. (45).)SIREN COMPANYIncome StatementAbsorption Costing2$$eTextbook and MediaSave for LaterAttempts: 0 of 3 usedSubmit Answer%24>> Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2 decimalplaces, e.g. 10.50.)Manufacturing cost per unit$eTextbook and MediaPrepare a variable costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the numbere.g. -45 or parentheses e.g. (45).)REN CÔIIncome StatementVariable Costing$$2$eTextbook and Media>>>>>

Under absoprtion costing, all fixed and variable costs are considered for calculation of unit…

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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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The pictures below are supposed to be answered using this information:

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs.

Variable Costs per Unit
Direct materials		$10.65
Direct labor		$4.90
Variable manufacturing overhead		$8.24
Variable selling and administrative expenses		$5.54

Fixed Costs per Year
Fixed manufacturing overhead		$319,500
Fixed selling and administrative expenses		$298,342

Siren Company sells the fishing lures for $35.50. During 2020, the company sold 80,000 lures and produced 90,000 lures.

Assuming the company uses absorption costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2
decimal places, e.g. 10.50.)
Manufacturing cost per unit
2$
eTextbook and Media
Prepare an absorption costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the
number e.g. -45 or parentheses e.g. (45).)
SIREN COMPANY
Income Statement
Absorption Costing
2$
$
eTextbook and Media
Save for Later
Attempts: 0 of 3 used
Submit Answer
%24
>
>

Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2020. (Round answer to 2 decimal
places, e.g. 10.50.)
Manufacturing cost per unit
$
eTextbook and Media
Prepare a variable costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
REN CÔI
Income Statement
Variable Costing
$
$
2$
eTextbook and Media
>
>
>
>
>

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