Question
In: Accounting
1) Diggs Company incurred the following costs while producing 560 units: direct material: $13 per unit;...
1)
Diggs Company incurred the following costs while producing 560 units: direct material: $13 per unit; direct labor: $26 per unit; variable manufacturing overhead: $10 per unit; total fixed manufacturing overhead costs: $11,200; variable selling and administrative costs: $4 per unit; total fixed selling and administrative costs: $7,280. There are no beginning inventories.
What is the operating income using variable costing if 350 units are sold for $190 each?
2)
Dollar Company incurred the following costs while producing 520 units: direct materials, $14 per unit; direct labor, $23 per unit; variable manufacturing overhead, $13 per unit; total fixed manufacturing overhead costs, $8,840; variable selling and administrative costs, $12 per unit; total fixed selling and administrative costs, $5,200. There are no beginning inventories.
What is the operating income using absorption costing if 520 units are sold for $110 each?
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ekkarill92 answered 1 year agoRelated Solutions
1. The estimated costs of producing 6,000 units of a component are: Per Unit Total Direct...
1. The estimated costs of producing 6,000 units of a component
are:
Per Unit Total
Direct Material $10 $60,000
Direct Labor 8 48,000
Applied Variable Factory Overhead 9 54,000
Applied Fixed Factory Overhead 12 72,000
$1.5 per direct labor dollar
$39 $234,000
The same component can be purchased from market at a price of
$29 per unit. If the component is purchased from market, some
percentage of the fixed factory overhead will be saved.
a. Should the component be purchased...
In the year, TGIT Inc. incurred the following costs: Direct materials $ 4.00 per unit Direct...
In the year, TGIT Inc. incurred the following costs:
Direct materials
$ 4.00 per unit
Direct labour
$ 5.00 per unit
Variable manufacturing overhead
$ 3.00 per unit
Fixed manufacturing overhead
$ 100,000
Variable selling expenses
$ 1.00 per unit
Fixed selling expenses
$ 40,000
In the year, TGIT produced 40,000 units and sold 42,000 units.
The company had no beginning or ending work-in-process inventory.
However, there are 5,000 units in beginning finished goods
inventory. The 5,000 units produced in...
Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 173,000 Direct...
Reimel Furniture Company, Inc. incurred the following costs
during 20x2. Direct material used $ 173,000 Direct labor 321,000
Manufacturing overhead 160,000 During 20x2, products costing
$121,000 were finished, and products costing $132,000 were sold on
account for $193,000. There were no purchases of raw material
during the year. The beginning balances in the firm’s inventory
accounts are as follows: Raw material $ 227,000 Work in process
16,000 Finished goods 30,000
Prepare a partial balance sheet and a partial income
statement...
Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 290,000 Direct...
Crunchem Cereal Company incurred the following actual costs
during 20x1. Direct material used $ 290,000 Direct labor 140,000
Manufacturing overhead 294,000 The firm’s predetermined overhead
rate is 210 percent of direct-labor cost. The January 1 inventory
balances were as follows: Raw material $ 31,000 Work in process
39,000 Finished goods 41,000 Each of these inventory balances was
10 percent higher at the end of the year.
1. Prepare a schedule of cost of goods
manufactured for 20x1.
2. What was...
Q2. A company is producing 2200 plates per day. The direct material cost for producing 1200...
Q2. A company is producing 2200 plates per day. The direct
material cost for producing 1200 plates is AED 5300/- Direct labor
cost per day is AED 3200.00 and factory over head is AED 4200.00 .
If the selling cost is 28 % of the factory cost , what must be the
selling price of each plate to release a profit of 20 % of the
selling price ?
Mohkam’s incurred the following costs during 2019. Direct material used .......................................................................................... Rs.87,000,000 Direct labor .................................................................
Mohkam’s incurred the following costs during 2019.
Direct material used
..........................................................................................
Rs.87,000,000
Direct labor
.......................................................................................................
162,000,000
Manufacturing overhead applied
........................................................................
90,000,000
During 20x2, products costing $600,000 were finished,
and products costing $66,000,000 were sold on
account for $97,500,000. There were no purchases of
raw material during the year. The beginning balances
in the firm’s inventory accounts are as follows:
Raw material
....................................................................................................
$113,500,000
Work in process
................................................................................................
9,000,000
Finished goods
.................................................................................................
15,000,000
Required:
1. Prepare T-accounts to show the flow...
Selling price per unit (package of 2 CDs)...................................... $20.00 Variable costs per unit: Direct material............................................................................................................... $4.00...
Selling price per unit (package of 2
CDs)......................................
$20.00
Variable costs per unit:
Direct
material...............................................................................................................
$4.00
Direct
labor......................................................................................................................
$5.00
Artist's
royalties..............................................................................................................
$3.50
Manufacturing
overhead..........................................................................................
$3.00
Selling
expenses............................................................................................................
$1.00
Total variable costs per
unit............................................................
$16.50
Annual fixed costs:
Manufacturing
overhead..........................................................................................
$180,000
Selling and
administrative.......................................................................................
$220,000
Total fixed
costs................................................................................
$400,000
Forecasted annual sales volume (120,000
units).........................
$2,400,000
If the company's direct-labor costs do increase by 8%,
what selling price per unit of product must it charge to maintain
the same contribution margin...
Use the following information for questions # of units produced 6,600 Variable Costs per Unit: Direct...
Use the following information for questions
# of units produced
6,600
Variable Costs per Unit:
Direct Materials
$46
Direct Labor
$16
Variable Manufacturing Overhead
$8
Variable Selling & Admin. Expense
$4
Fixed Costs per year:
Fixed Manufacturing Overhead
$234,300
Fixed Selling & Admin
$161,700
The Absorption Costing Unit Product Cost is:
Group of answer choices
$100.20
$105.50
$74
$70
The Variable Costing Unit Product Cost is:
Group of answer choices
$70
$74
$105.50
$100.20
If 6,000 units are sold during...
Bush Industries currently manufactures 56,000 units of a product with the following costs per unit Direct...
Bush Industries currently manufactures 56,000 units of a product
with the following costs per unit
Direct materials.........................................
$6.00
Direct labor..............................................
$18.00
Variable manufacturing overhead............ $9.00
Fixed manufacturing overhead................$12.00
Variable
selling..........................................$3.00
Fixed
selling..............................................$4.00
The company has the capacity to produce 60,000 units. The
product regularly sells for $60. A wholesaler has offered to pay
$55 a unit for 5,000 units and will pick up the units, thereby
saving Bush the variable selling costs. If the special order is
accepted, what would be...
4).Sales is $100 per unit; direct material is $25 per unit; direct labor is $15 per...
4).Sales is $100 per unit; direct material is $25 per unit;
direct labor is $15 per unit, overhead is $10 per unit and $20,000
per month; selling and administrative expenses are $5 per unit and
$10,000 per month. The company produced 900 units. Gross
margin equals:
a).$25,000 b).$40,500 c).$90,000 d).$10,500
5).Sales is $100 per unit; direct material is $25 per unit;
direct labor is $15 per unit, overhead is $10 per unit and $20,000
per month; selling and administrative expenses...
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