1.
Introduction:
To compute: The total manufacturing overhead cost.
2.
Introduction: Direct cost is the cost that is attributed to particular product. Direct cost is also known as identifiable cost that cost is easily identifiable, for example company spend money to purchase raw material for production of product then the cost of purchasing raw material is direct cost.
To compute: The total direct material cost.
3.
Introduction: Direct cost is the cost that is attributed to particular product. Direct cost is also known as identifiable cost that cost is easily identifiable, for example company spend money to purchase raw material for production of product then the cost of purchasing raw material is direct cost.
To compute: The total
4.
Introduction: Indirect cost includes the cost of indirect material, labor and other expenses. Indirect cost is not related to cost of production this is the reason it specify as overhead cost. The example of indirect cost is administration cost, selling and distribution cost and other.
To compute: The total variable selling and administrative cost.
5.
Introduction: The cost of production that is flexible based on the level of production is called variable cost. It is included to report the total cost of production.
To compute: The total variable cost.
6.
Introduction: Fixed costs are the cost that does not change with the change in production. The company has to bear fixed cost whether production occurs or not. Rent, electricity is some of the example of fixed cost.
To compute: The total fixed cost.
7.
Introduction: Income Statement includes the information of net income earn or net loss suffered by the company. The expenses deducting from revenue and the resultant is net income or loss to the company. This is informative report that helps the user of financial information to take decision.
To compute: The total contribution margin.

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Chapter 1 Solutions
MANAGERIAL ACCOUNTING-W/ACCESS >C<
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