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In: Accounting

Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...

Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month:Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month:

Direct Material		$77,000
Direct Labor		$39,000
Variable Manufacturing Overhead	$18,200
Fixed Manufacturing Overhead	$30,400
Total Manufacturing Overhead		$48,600
Variable Selling expense	$13,600
Fixed Selling expense	$21,200
Total Selling expense		$34,800
Variable Administrative expense	$4,800
Fixed administrative expense	26,600
Total administrative expense		$31,400

1. With respect to cost classifications for preparing financial statements:

a. What is the total product cost?

b. What is the total period cost?

2. With respect to cost classifications for assigning costs to cost objects:

a. What is total direct manufacturing cost?

b. What is the total indirect manufacturing cost?

3. With respect to cost classifications for manufacturers:

a. What is the total manufacturing cost?

b. What is the total nonmanufacturing cost?

c. What is the total conversion cost and prime cost?

4. With respect to cost classifications for predicting cost behavior:

a. What is the total variable manufacturing cost?

b. What is the total fixed cost for the company as a whole?

c. What is the variable cost per unit produced and sold?

5. With respect to cost classifications for decision making:

a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit?

Solutions

Expert Solution

1.With respect to cost classifications for preparing financial statements:

a. Total product cost - DM+DL+Total manufactuturing OH = $ 164600

b. Total period cost - Total selling expenses+Total admin expenses =$ 66200

2. With respect to cost classifications for assigning costs to cost objects:

a. total direct manufacturing cost - DM+DL+Total manufactuturing OH = $ 164600

b. total indirect manufacturing cost -Total selling expenses+Total admin expenses =$ 66200

3.With respect to cost classifications for manufacturers:

a. total manufacturing cos-DM+DL+Total manufactuturing OH = $ 164600

b. total nonmanufacturing cost-Total selling expenses+Total admin expenses =$ 66200

c. total conversion cost and prime cost - CONVERSION COST =DL+Total manufacturing OH =$87600

PRIME COST = DM+DL= $116000

4. With respect to cost classifications for predicting cost behavior:

a. total variable manufacturing cost - DM+DL+Variable manufacturing cost = $134200

b. total fixed cost for the company as a whole - fixed manufacturing OH+ Fixed selling &admin expense=$78200

c. variable cost per unit produced and sold-DM+DL+ all variable OH =$152600/1000 units =$ 152.6 per unit

ekkarill92 answered 1 year ago

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