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28 Sep 2019
Beginning inventory 0 Units produced 49,000 Units sold 44,000 Selling price per unit $81 Selling and administrative expenses: Variable per unit $2 Fixed (total) $562,000 Manufacturing costs: Direct materials cost per unit $18 Direct labor cost per unit $9 Variable manufacturing overhead cost perunit $4 Fixed manufacturing overhead cost(total) $980,000
Assume that the company uses variable costing.
(a) Determine the unit product cost. (Omit the "$" sign in your response.)
Unit product cost $
(b) Prepare a contribution format income statement for May. (Input all amounts as positive values. Omit the "$" sign in yourresponse.)
(Click to select)Variable manufacturing costsBeginninginventorySalesEnding inventoryGoods available for sale $ Variable expenses: (Click to select)Goodsavailable for saleVariable cost of goods soldSalesEndinginventoryVariable selling and administrative expenses $ (Click to select)SalesVariableselling and administrative expensesGoods available for saleEndinginventoryVariable cost of goods sold
(Click to select)Variable manufacturingcostsContribution marginFixed manufacturing overheadBeginninginventoryEnding inventory Fixed expenses: (Click to select)Goodsavailable for saleFixed manufacturing overheadFixed selling andadministrative expensesSalesEnding inventory (Click to select)SalesFixedmanufacturing overheadFixed selling and administrativeexpensesGoods available for saleEnding inventory
(Click to select)Net operating incomeNet operatingloss $
| Beginning inventory | 0 |
| Units produced | 49,000 |
| Units sold | 44,000 |
| Selling price per unit | $81 |
| Selling and administrative expenses: | |
| Variable per unit | $2 |
| Fixed (total) | $562,000 |
| Manufacturing costs: | |
| Direct materials cost per unit | $18 |
| Direct labor cost per unit | $9 |
| Variable manufacturing overhead cost perunit | $4 |
| Fixed manufacturing overhead cost(total) | $980,000 |
| Assume that the company uses variable costing. |
| (a) | Determine the unit product cost. (Omit the "$" sign in your response.) |
| Unit product cost | $ |
| (b) | Prepare a contribution format income statement for May. (Input all amounts as positive values. Omit the "$" sign in yourresponse.) |
| (Click to select)Variable manufacturing costsBeginninginventorySalesEnding inventoryGoods available for sale | $ | |
| Variable expenses: | ||
| (Click to select)Goodsavailable for saleVariable cost of goods soldSalesEndinginventoryVariable selling and administrative expenses | $ | |
| (Click to select)SalesVariableselling and administrative expensesGoods available for saleEndinginventoryVariable cost of goods sold |
|
|
| (Click to select)Variable manufacturingcostsContribution marginFixed manufacturing overheadBeginninginventoryEnding inventory | ||
| Fixed expenses: | ||
| (Click to select)Goodsavailable for saleFixed manufacturing overheadFixed selling andadministrative expensesSalesEnding inventory | ||
| (Click to select)SalesFixedmanufacturing overheadFixed selling and administrativeexpensesGoods available for saleEnding inventory |
|
|
| (Click to select)Net operating incomeNet operatingloss | $ | |
| | ||
Nelly StrackeLv2
28 Sep 2019
Related questions
| Variable costs per unit: | |
| Manufacturing: | |
| Direct materials | $22 |
| Direct labor | $7 |
| Variable manufacturingoverhead | $4 |
| Variable selling and administrative | $5 |
| Fixed costs per year: | |
| Fixed manufacturing overhead | $166,400 |
| Fixed selling and administrative | $40,000 |
During the year, the company produced 20,800 units and sold 15,600units. The selling price of the company's product is $63 perunit. |
Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$" sign in yourresponse.) |
| (Click to select)SalesBeginning inventoryEndinginventoryVariable manufacturing costsGoods available for sale | $ | |
| Variable expenses: | ||
| (Click to select)Variable cost ofgoods soldSalesBeginning inventoryEnding inventoryVariable sellingand administrative expenses | $ | |
| (Click to select)Variable cost ofgoods soldEnding inventoryBeginning inventoryVariable selling andadministrative expensesSales |
|
|
| (Click to select)Variable selling and administrativeexpensesVariable manufacturing costsFixed manufacturingoverheadGoods available for saleContribution margin | ||
| Fixed expenses: | ||
| (Click to select)BeginninginventoryFixed manufacturing overheadEnding inventoryFixed sellingand administrative expensesSales | ||
| (Click to select)SalesFixedmanufacturing overheadEnding inventoryBeginning inventoryFixedselling and administrative expenses |
|
|
| (Click to select)Net operating lossNet operatingincome | $ | |
| Selling price | $ | 109 |
| Units in beginning inventory | 540 | |
| Units produced | 6,950 | |
| Units sold | 6,910 | |
| Units in ending inventory | 580 | |
| Variable costs per unit: | ||
| Direct materials | $ | 39.2 |
| Direct labor | $ | 26.8 |
| Variable manufacturing overhead | $ | 2.4 |
| Variable selling andadministrative | $ | 7.4 |
| Fixed costs: | ||
| Fixed manufacturing overhead | $ | 45,870 |
| Fixed selling and administrative | $ | 82,100 |
| c. | Prepare a contribution format income statement for the month usingvariable costing. (Do not round intermediate calculations and round your finalanswers to the nearest dollar amount. Input all amounts as positivevalues. Omit the "$" sign in your response.) |
| Variable costing income statement | ||
| (Click to select)SalesFixed selling andadministrativeNet operating incomeContribution marginFixedmanufacturing overhead | $ | |
| Variable expenses: | ||
| (Click to select)Variable cost ofgoods soldVariable selling and administrativeFixed manufacturingoverheadSalesFixed selling and administrative | $ | |
| (Click to select)SalesVariable costof goods soldFixed manufacturing overheadFixed selling andadministrativeVariable selling and administrative | ||
| (Click to select)Contribution lossContributionmargin | ||
| Fixed expenses: | ||
| (Click to select)Cost of goodssoldFixed selling and administrativeVariable cost of goodssoldSelling and administrative expensesFixed manufacturingoverhead | ||
| (Click to select)Fixed manufacturingoverheadSelling and administrative expensesCost of goods soldFixedselling and administrativeVariable cost of goods sold | ||
| (Click to select)Net operating lossNet operatingincome | $ | |
| | ||
Brock Company produces and sells an industrial product. Thecompany has just opened a new plant to manufacture the product, andthe following cost and revenue data have been provided for thefirst month of the plantâs operation.
| Beginning inventory | 0 | |
| Units produced | 46,000 | |
| Units sold | 41,000 | |
| Selling price per unit | $ | 80 |
| Selling and administrative expenses: | ||
| Variable per unit | $ | 4 |
| Fixed (total) | $ | 563,000 |
| Manufacturing costs | ||
| Direct materials cost per unit | $ | 17 |
| Direct labor cost per unit | $ | 6 |
| Variable manufacturing overhead cost perunit | $ | 3 |
| Fixed manufacturing overhead cost(total) | $ | 874,000 |
| Required: |
| 1. | Assume that thecompany uses absorption costing. |
| a. | Determine theunit product cost. |
| Unitproduct cost | $ |
| b. | Prepare an income statement for the month. (Input allamounts as positive values except losses which should be indicatedby a minus sign.) |
| Absorption Costing Income Statement | |
| (Click to select)Selling and administrativeexpensesSalesGross marginCost of goods manufacturedNet operatingincome (loss) | $ |
| (Click to select)SalesNet operating income (loss)Costof goods soldSelling and administrative expensesGross margin | |
| (Click to select)Contribution marginGross margin | |
| (Click to select)Gross marginNet operating income(loss)Selling and administrative expensesSalesCost of goodssold | |
| (Click to select)Net operating lossNet operatingincome | $ |
| 2. | Assume that thecompany uses variable costing. |
| a. | Determine theunit product cost. |
| Unitproduct cost | $ |
| b. | Prepare a contribution format income statement for the month.(Input all amounts as positive values except losses whichshould be indicated by a minus sign.) |
| Variable Costing Income Statement | ||
| (Click to select)Variable cost of goods soldVariableselling and administrative expensesContribution marginFixedmanufacturing overheadFixed selling and administrative expensesNetoperating income (loss)Sales | $ | |
| Variable expenses: | ||
| (Click to select)Netoperating income (loss)Fixed manufacturing overheadSalesVariableselling and administrative expensesVariable cost of goodssoldContribution marginFixed selling and administrativeexpenses | $ | |
| (Click to select)Fixedmanufacturing overheadVariable cost of goods soldVariable sellingand administrative expensesFixed selling and administrativeexpensesSalesNet operating income (loss)Contribution margin | ||
| (Click to select)Gross marginContribution margin | ||
| Fixed expenses: | ||
| (Click to select)Fixedselling and administrative expensesNet operating income(loss)Contribution marginVariable selling and administrativeexpensesSalesFixed manufacturing overheadVariable cost of goodssold | ||
| (Click to select)Netoperating income (loss)Variable selling and administrativeexpensesContribution marginVariable cost of goods soldFixedmanufacturing overheadSalesFixed selling and administrativeexpenses | ||
| (Click to select)Net operating lossNet operatingincome | $ | |
