Question
In: Accounting
During 2020, Rafael Corp. produced 29,520 units and sold 29,520 for $15 per unit. Suppose the...
During 2020, Rafael Corp. produced 29,520 units and sold 29,520 for $15 per unit. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 49,200 units. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $59,040 ($3 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $39,360. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs.
Calculate the manufacturing cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)
Manufacturing cost $ per unit
Prepare a normal-costing income statement for the first year of operation.
Rafael Corp
Income Statement—Normal Costing
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Question 33 During 2016, Rafael Corp. produced 39,120 units and sold 39,120 for $16 per unit....
Question 33
During 2016, Rafael Corp. produced 39,120 units and sold 39,120
for $16 per unit. Suppose the accountant for Rafael Corp. uses
normal costing and uses the budgeted volume of 48,900 units.
Variable manufacturing costs were $6 per unit. Annual fixed
manufacturing overhead was $78,240 ($2 per unit). Variable selling
and administrative costs were $2 per unit sold, and fixed selling
and administrative expenses were $19,400. The company expenses
production volume variance to cost of goods sold in the...
If 12,500 units are produced and sold, what is the variable cost per unit produced and sold?
Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost Per UnitDirect materials$ 5.60Direct labor$ 3.10Variable manufacturing overhead$ 1.40Fixed manufacturing overhead$ 4.00Fixed selling expense$ 2.60Fixed administrative expense$ 2.20Sales commissions$ 1.20Variable administrative expense$ 0.454. If 12,500 units are produced and sold, what is the variable cost per unit produced and sold? (Round your answer to 2 decimal places.)
1. If 18,000 units are produced and sold, what is the variable cost per unit produced and sold?
Refer to the data given in Exercise 1-7. Answer all questions independently.
Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:
Required:
1. If 18,000 units are produced and sold, what is the variable cost per unit produced and sold?
2. If 22,000 units are produced and sold, what is the variable cost per unit produced and sold?
3. If 18,000 units are...
QP Corp. sold 5,470 units of its product at $45.30 per unit during the year and...
QP Corp. sold 5,470 units of its product at $45.30 per unit
during the year and incurred operating expenses of $6.30 per unit
in selling the units. It began the year with 630 units in inventory
and made successive purchases of its product as follows.
Jan.
1
Beginning inventory
630
units @ $18.30 per unit
Feb.
20
Purchase
1,530
units @ $19.30 per unit
May
16
Purchase
730
units @ $20.30 per unit
Oct.
3
Purchase
430
units @ $21.30...
QP Corp. sold 5,470 units of its product at $45.30 per unit during the year and...
QP Corp. sold 5,470 units of its product at $45.30 per unit
during the year and incurred operating expenses of $6.30 per unit
in selling the units. It began the year with 630 units in inventory
and made successive purchases of its product as follows.
Jan.
1
Beginning inventory
630
units @ $18.30 per unit
Feb.
20
Purchase
1,530
units @ $19.30 per unit
May
16
Purchase
730
units @ $20.30 per unit
Oct.
3
Purchase
430
units @ $21.30...
Easy Breeze company produced 100,000 units, sold 90,000 units at a selling price per unit of...
Easy Breeze company produced 100,000 units, sold 90,000
units at a selling price per unit of $450, and incurred the
following manufacturing costs:
Direct Materials = $40 per unit
Direct Labor = $18 per unit
Factory overhead costs:
Variable Factory Overhead = $23 per unit
Fixed Factory overhead = $250,000
Semi-variable Factory overhead cost is $70,000. The
company utilized 14,000 machine hours during this period. The
following additional information is provided semi-variable factory
overhead into variable and fixed factory overhead...
Easy Breeze company produced 100,000 units, sold 90,000 units at a selling price per unit of...
Easy Breeze company produced 100,000 units, sold 90,000
units at a selling price per unit of $450, and incurred the
following manufacturing costs:
Direct Materials = $40 per unit
Direct Labor = $18 per unit
Factory overhead costs:
Variable Factory Overhead = $23 per unit
Fixed Factory overhead = $250,000
Semi-variable Factory overhead cost is $70,000. The
company utilized 14,000 machine hours during this period. The
following additional information is provided semi-variable factory
overhead into variable and fixed factory overhead...
Hi-Tek produced and sold 70,000 units of B300 at a price of $20 per unit and...
Hi-Tek produced and sold 70,000 units of B300 at a price of $20
per unit and 17,500 units of T500 at a price of $40 per unit. The
company’s traditional cost system allocates manufacturing overhead
to products using a plantwide overhead rate and direct labor
dollars as the allocation base. Additional information relating to
the company’s two product lines is shown below: Hi-Tek
Manufacturing Inc. Income Statement Sales ………………………………………………………..
$2,100,000 Cost of goods sold ………………………………….. 1,600,000 Gross
Margin ..……………............................... 500,000...
Beginning inventory 0 Units produced 27,000 Units sold 18,500 Selling price per unit $ 93 ...
Beginning inventory
0
Units produced
27,000
Units sold
18,500
Selling price per unit
$
93
Selling and administrative expenses:
Variable per unit
$
3
Fixed (total)
$
518,000
Manufacturing costs:
Direct materials cost per
unit
$
24
Direct labour cost per unit
$
14
Variable manufacturing overhead
cost per unit
$
9
Fixed manufacturing overhead cost
(total)
$
756,000
Since the new case is unique in design, management is anxious to
see how profitable it will be and has...
- Income Statement Data for 20XX: Units produced and sold = 420 Sales ($80 per unit...
- Income Statement Data for 20XX:
Units produced and sold = 420
Sales ($80 per unit selling price) = $33600
Cost of goods sold ($30 per unit, all variable costs) =
$12600
Labor = $0 (Mr. and Mr. Lee were the only ones working and did
not pay themselves)
Advertising fees =$2000
Bank fees = $150
Phone/internet = $1200
Shipping ($3 per unit) = $1260
Utilities = $900
Office supplies = $800
Interest expense on note payable = $350
Depreciation...
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