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In: Accounting

Scooby Enterprises produces and sells only one product. The following data refer to the year just...

Scooby Enterprises produces and sells only one product. The following data refer to the year just completed:

Beginning Inventory 0 units

Units produced........................... 13,000

Units sold...................................... 10,000

Sales price per unit.................... $325

Variable selling and administrative expenses per unit $ 15

Fixed Selling and administrative expenses (Total) $270,000

Manufacturing Costs:

Direct materials cost per unit..................................................$ 75

Direct labor cost per unit..........................................................$ 65

Variable manufacturing overhead cost per unit..............$ 25

Fixed manufacturing overhead (Total).................................$260,000

Required:
a. What is the unit product cost for the month under variable costing?

b. What is the unit product cost for the month under absorption costing?
c. Prepare a contribution format income statement for the year using variable costing.

d. Prepare an income statement for the year using absorption costing.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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