Yancey, Inc. reports the following information:Units producedUnits soldSales priceDirect materialsDirect laborVariable manufacturing overheadFixed manufacturing overhead580 units580 units$130 per unit$10 per unit$25per unit- $30 per unit$22,000 per yearVariable selling and administrative costsFixed selling and administrative costs$20 per unit$15,000 per yearWhat is the amount of unit product cost that will be considered for external reporting purposes? (Round anyintermediate calculations and your final answer to the nearest cent.)OA. $95.00OB. $72.93OC. $102.93OD. $62.93

Unit product cost for external reporting purpose is $102.93.Option C is the answerExplanation:Unit…

Answered: Yancey, Inc. reports the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hudson Company reports the following contribution margin income statement. Sales (11,400 units at $225 each) Variable costs (11,400 units at $180 each) Contribution margin Fixed costs Income HUDSON COMPANY Contribution Margin Income Statement For Year Ended December 31 1. Amount of sales 2. Margin of safety Exercise 18-12 (Algo) Target income and margin of safety LO C2 1. Assume Hudson has a target income of $150,000. What amount of sales (in dollars) is needed to produce this target income? 2. If Hudson achieves its target income, what is its margin of safety (in percent)? (Round your answer to 1 decimal place.) $ 2,565,000 2,052,000 513,000 360,000 $ 153,000 %
Dengar
Alltech Inc. has collected the following data. (There are no beginning inventories.) Units produced 510 units Sales price $120 per unit Direct materials $19 per unit Direct labor $15 per unit Variable manufacturing overhead $9 per unit Fixed manufacturing overhead $16,000 per year Variable selling and administrative costs $10 per unit Fixed selling and administrative costs $12,100 per year What is the operating income using absorption costing if 500 units are sold? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
(The following information applies to the questions displayed below.) Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost Per Unit $ 5.30 $ 2.80 $ 1.40 $4.00 $ 2.30 $2.20 $ 1.20 $ 0.45 2. For financial accounting purposes, what is the total amount of period costs igcurred to sell 10,000 units? (Do not round intermediate calculations.) Total period cost
Lambeth Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Unit $ 4.90 $ 2.95 $ 1.25 $ 1.00 $ 0.40 Cost per Period $ 8,000 Variable administrative expense Fixed selling and administrative expense $ 4,000 If 3,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
The controller of Sheridan Industries has collected the following monthly cost data for use in analyzing the behavior of maintenance costs. Month Total Maintenance Costs Total Machine Hours January $2,930 350 February 3,230 400 March 3,830 550 April 4,730 640 May 3,430 550 June 5,730 750 Determine the unit variable costs using the high-low method for this mixed cost. (Round answer to 2 decimal places e.g. 2.25.) Variable cost per machine hour eTextbook and Media Determine the fixed costs using the high-low method for this mixed cost.
The comparative statements of Wahlberg Company are presented here. Wahlberg CompanyIncome StatementFor the Years Ended December 31 2020 2019 Net sales $1,813,600 $1,750,700 Cost of goods sold 1,007,100 978,000 Gross profit 806,500 772,700 Selling and administrative expenses 519,800 472,000 Income from operations 286,700 300,700 Other expenses and losses Interest expense 17,100 14,200 Income before income taxes 269,600 286,500 Income tax expense 80,015 77,500 Net income $ 189,585 $ 209,000 Wahlberg CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,600 $64,600 Debt investments (short-term) 69,100 50,300 Accounts receivable 117,500 102,800 Inventory 123,600 115,600 Total current assets 370,800 333,300…
Lagle Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Cost per Unit Period $ 4.70 $ 3.60 $ 1.40 $ 1.60 $ 0.50 $ 16,900 Variable administrative expense Fixed selling and administrative expense $ 3,000 For financial reporting purposes, the total amount of period costs incurred to sell 6,500 units is closest to:
A known manufacturing company has estimated the ff. Component for a new product. Fixed cost= 50,000 Material cost per unit= 2.15 Labor cost per unit = 2 Revenue per unit= 7.50 Vary the production volume from 0 to 100,000 in increments of 10,000. The five different material costs are 1.50,1.95,2.15,2.85 and 3.25. Using the spreadsheet model, what will be the resulting profit if the company decides to make 70,000 units of the new product. Choices: A.623,018 B.176,400 C.45,705 D.No choice given E.138,430
Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Product X at a total cost of $800 per unit, of which $540 is product cost and $260 is selling and administrative expenses. In addition, the total cost of $800 is made up of $460 variable cost and $340 fixed cost. The desired profit is $168 per unit. Determine the markup percentage on total cost. %
Johnson Marine has the following costs and expected sales for the coming year. Johnson is considering a number of different methods to determine the price of its product. Total Costs Variable Manufacturing $ 2,350,000 Variable Selling and Administrative 750,000 Plant-level Fixed Overhead 1,200,000 Fixed Selling and Administrative 600,000 Batch-level Fixed Overhead 200,000 Total Investment in Product Line 10,000,000 Expected Sales (units) 20,000 If Johnson determines price using a desired gross margin percentage of 50%, the price is:
Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Total variable cost 2 5. If 8,000 units are produced and sold, what is the total amount of variable costs related to the units produced and sold? (Do not round intermediate calculations.) W S X H # 3 E D C $ 4 - 2023-01...0.40 PM 2023-01...2.52 PM 2022-12...6.4. - 9 M AO < K -0 ) O O V H I' P A command

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS