8:30 W W M b b ba<2/3□s21-2Units produced:::Direct materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadVariable selling and administrative costsFixed selling and administrative costsS21-2 Computing unit product cost, absorption costingLearning Objective 1со1167/1480QAAWord>BitFren320 units$ 71per unit40 per unit13 per unit7,360 per yearCalculate the unit product cost using absorption costing. Round your answer tothe nearest cent.22 per unit4G37%1,920 per year||| 0 <:X 8:30 W W M b b ba<2/3□s21-2:::a. Direct materialsb. Direct laborc. Variable manufacturingoverheadd. Fixed manufacturingoverheade. Variable selling andadministrative costsf. Fixed selling andadministrative costsAbsorption CostingсоProduct PeriodCostCostX1167/1480QAAWord>BitFrenUse the following information for Short Exercises $21-2 and S21-3.Variable CostingProductCostX49 37%PeriodCost||| 0 <:X

ABSORPTION COSTINGAbsorption Costing is a Cost managerial Accounting method in which All Cost…

Units produced Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs S21-2 Computing unit product cost, absorption costing Learning Objective 1 320 units $ 71 per unit 40 per unit 13 per unit 7,360 per year 22 per unit 1,920 per year Calculate the unit product cost using absorption costing. Round your answer to the nearest cent.

Units produced Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs S21-2 Computing unit product cost, absorption costing Learning Objective 1 320 units $ 71 per unit 40 per unit 13 per unit 7,360 per year 22 per unit 1,920 per year Calculate the unit product cost using absorption costing. Round your answer to the nearest cent.

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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MANAGEMENT ACCOUNTING & CONTROL STANDARD COSTS AND VARIANCE ANALYSIS LEARNING ACTIVITY 1 Torres Company has established standard costs for the cabinet department, in which one size of MX cabinet is made. The standard costs of producing one of these MX cabinets are shown below: Standard Cost Card – MX Cabinet Direct Material: Lumber 50 board ft at P 4 200 Direct Labor: 8 hours at P 10 80 Overhead Costs: Variable – 8 hrs at P5 40 Fixed – 8 hrs at P3 24 Total Standard Unit Cost 344 During June 2018, 500 of these cabinets were produced. The cost of operations during the month are shown below. There is no work in process at the beginning and end of the month. Direct material purchased: 30,000 bf at P4.10 123,000 Direct materials used: 24,000 board ft Direct labor: 4,200 hrs at P9.50 39,900 Overhead Costs : Variable Costs 22,000 Fixed Costs 11,000…
Which of the following is NOT correct regarding the rate of return on assets? a. The rate of return on assets measures management’s ability to productively employ all its resources. b. The rate of return on assets measures the return on all assets used regardless of how the assets are financed. c. The rate of return on assets is a measure of profitability. d. The rate of return on assets measures the return on the investment made by the owners of the entity. is B the correct answer?
8:23 W WY □ s21-1 ⠀⠀⠀ S21-1 Classifying costs Classify each cost by placing an X in the appropriate columns. The first cost is completed as an example. Learning Objective 1 a. Direct materials b. Direct labor c. Variable manufacturing overhead d. Fixed manufacturing overhead C Absorption Costing X QAA 1167/1480 Product Period Product Period Cost Cost Cost Cost Word >> Bit French 49,34% Variable Costing X ||| 0 < : X
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eBook Show Me How Question Content Area CVP with Activity-Based Costing Busy-Bee Baking Company produces a variety of breads. The average price of a loaf of bread is $1. Costs are as follows: Cost Driver Unit VariableCost Level of CostDriver Units sold $0.65 — Setups $300 150 Maintenance hours $15 2,500 Other data: Total fixed costs (traditional) $140,000 Total fixed costs (ABC) 57,500 Required: 1. Compute the break-even point in units using conventional analysis. $400000 2. Compute the break-even point in units using activity-based analysis. $400000 3. Suppose that Busy-Bee could reduce the setup cost by $100 per setup and could reduce the number of maintenance hours needed to 1,000. How many units must be sold to break even in this case? Round your answer up to the next higher whole unit (for example, 50.3 units rounds to 51).
SEARCH ASK CHAT MATH SOLVER Question Diego Company manufactures one product that is sold for $77 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 59,000 units and sold 54,000 units. Variable costs per unit: Manufacturing: Direct materials $ 27 Direct labor $ 10 Variable manufacturing overhead $ 2 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $ 1,298,000 Fixed selling and administrative expense $ 662,000 The company sold 41,000 units in the East region and 13,000 units in the West region. It determined that $330,000 of its fixed selling and administrative expense is traceable to the West region, $280,000 is traceable to the East region, and the remaining $52,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing…
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4.0 Having attended a NBAA course on activity -based costing (ABC) you decided to experiment by applyin 9 the principles of ABC to the four products currently made and sold by your company. Details of the four products and relevant information are given below for one period: Product A B D Output in units 120 100 80 120 Costs per unit Shs. Shs. Shs. Shs. Direct material 40 50 30 60 Direct Labour 28 21 14 21 Machine hours(per unit) 4 3 2 3 The four products are similar and usually produced in production run of 20 units and sold in batches of 10 units The production overhead is currently absorbed by using a machine hour rate, and the total of the productio n overhead for the period has been analyzed as follows: Tshs Machine department costs (rent, business rates, depreciation and supervision). 10,430 Set-ups costs--- 5,2 50 Stores receiving 3,60 0 Inspection /Quality control 2,10 0 Material handling…
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Question z Answer saved Cost Formulas Marked out of 1.45 Material A Material B Material C Cutting labor Shaping labor Finishing labor Hag question $25/pound $100/gallon $45/hour $55/hour $60/ hour Saved to this PC Shorewood Manufacturing produces a single product requiring the following directmaterial and direct labor: Cost per Unit of Input Required Amount per Unit of Product $40 / pound 10 ounces Homework 6 8 ounces 0.3 gallon 30 minutes 15 minutes 45 minutes Variable Manufacturing overhead consists of indirect material, $0.60 per unit of product; indirect labor, $1,000 per month plus $0.70 per unit of product; factory maintenance, $14,000 per year plus $0.55 per unit of product; factory depreciation, $15,000 per year; and annual factory property taxes, $8,000. Selling and administrative expenses include the salaries of a sales manager, $30,000 per year; an office manager, $18,000 per year; and two salespersons, each of whom is paid a base salary of $11,000 per year and a commission…