Data tableUnits produced and soldSales priceDirect materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadVariable selling and administrativecostsFixed selling and administrative costsPrintDone350 units$300 per unit53 per unit78 per unit24 per unit6,300 per month50 per unit4,750 per monthX Glory, Inc. has collected the following data for November (there are no beginning inventories):(Click the icon to view the data.)Read the requirements.Requirement 1. Using variable costing, calculate the unit product cost. (Round your final answer to the nearest cent.)Variablecosting173Unit product costRequirement 2. Prepare an income statement using the contribution margin format.Glory, Inc.Income Statement (Variable Costing)For the Month Ended November 30Net Sales Revenue.Variable Costs:Variable Cost of Goods SoldVariable Selling and Administrative CostsContribution MarginFixed Costs:Fixed Manufacturing OverheadFixed Selling and Administrative CostsOperating Income605508400630047501050001315031300

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Description: Data tableUnits produced and soldSales priceDirect materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadVariable selling and administrativecostsFixed selling and administrative costsPrintDone350 units$300 per unit53 per un

The income statement is prepared to record the revenue and expenses for the current period. The…

Business

Accounting

Units produced and sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs 350 units $300 per unit 53 per unit 78 per unit 24 per unit 6,300 per month 50 per unit 4,750 per month

Units produced and sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs 350 units $300 per unit 53 per unit 78 per unit 24 per unit 6,300 per month 50 per unit 4,750 per month

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 Mullin Company manufactures several different products. Unit costs associated with Product 10 are as follows: Direct materials $92 32 Direct manufacturing labor Variable manufacturing overhead 12 32 26 Fixed manufacturing overhead Sales commissions (2% of sales) 71% Administrative salaries Total $200 What is the percentage of the total variable costs per unit associated with Product 10 with respect to total cost? 81% 68% 84%
6 Dake Corporation's relevant range of activity is 2.000 units to 6.000 units. When it produces and sells 4,000 unts, its average costs per un are as follows Average Cost per Unit $ 6.55 $ 3.50 $ 1.40 $ 2.60 5.0.70 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense $ 0.40 Fixed administrative expense Sales commissions $ 1.50 Variable administrative expense $ 0.45 For financial reporting purposes, the total amount of product costs incurred to make 4.000 units is closest to Multiple Choice $56.200
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vaion Company manuell ve prvous me ivivning mvmvn perwina w eULT VIDE Lumpanya m www youro vi operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, It produced 40,000 units and sold 50,000 units. The selling price of the company's product is $57 per unit. Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an Income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating Income In Year 1.…