Homework Answers
| SALES | 603680 | |
| COST OF GOODS SOLD | ||
| BEGINNING INVENTORY | 0 | |
| (-)COST OF GOODS MANUFACTURED | 284592 | |
| (-)VOLUMN VARIANCE | 150920 | |
| 435512 | ||
| GROSS MARGIN | 168168 | |
| (-)SELLING AND ADMINISTRATION | 107800 | |
| OPERATING INCOME BEFORE TAX | 60368 |
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Question 35 During 2020, Rafael Corp. produced 43,120 units and sold 43,120 for $14 per unit....
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct...
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($225,000 - 3,000 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses 80 60 10 75 37,500 65,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption...
50,000 45,000 $76 Beginning inventory Units produced Units sold Selling price per unit Selling and administrative...
50,000 45,000 $76 Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (total) Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (total) $3 $ 567,000 $15 $7 $3 $ 900,000 Because the new antenna is unique in design, management is anxious to see how profitable it will be and has asked that an income statement be prepared...
Obama Company sells its product for $30 per unit. During 2020, it produced 25500 units and sold 13000 units (there was no beginning inventory).
Obama Company sells its product for $30 per unit. During 2020, it produced 25500 units and sold 13000 units (there was no beginning inventory). Costs per unit are: direct materials $8, direct labour $7, and variable overhead $6. Fixed costs are: $331500 manufacturing overhead, and $51000selling and administrative expenses. The per-unit manufacturing cost under variable costing isa. $21.00.b. $34.00.c. $36.00.d. $46.50.
In the current year, TGIT Corp. produced 10,000 units and sold 8,000 of the units. The...
In the current year, TGIT Corp. produced 10,000 units and sold 8,000 of the units. The company incurred the following costs: Direct materials used $120,000 Direct labour cost 68,000 Variable manufacturing overhead 40,000 Fixed manufacturing overhead 60,000 Fixed selling and admin. expense 45,000 Variable selling and admin. expense 36,000 There was no beginning finished goods inventory and no beginning or ending work-in-process inventory. Use the information provided to answer the following questions: aa) Without doing any calculations, would net income...
In 2019, Barry Grey Inc. sold 42,000 units at a selling price of $44 per unit....
In 2019, Barry Grey Inc. sold 42,000 units at a selling price of $44 per unit. The company manufactured 70,000 units. Variable manufacturing costs were $22 per unit manufactured. Fixed manufacturing costs amounted to $334,000. Variable marketing costs were $9 per unit sold, and the budgeted and actual fixed marketing costs were $30,000. Other fixed operating expenses amounted to $22,000. There was no beginning inventory. Round all answers to the nearest whole number. a) Calculate the company's 2019 operating income...
Kubick Company produced 10,000 units and sold 9,000 units Sales price $9 per unit Costs were...
Kubick Company produced 10,000 units and sold 9,000 units Sales price $9 per unit Costs were as follows: Direct materials $1.00 per unit Direct labor $1.50 per unit Variable manufacturing overhead $.50 per unit Fixed manufacturing overhead total $20,000 Variable selling expense $.80 per unit Fixed administrative expense total $17,000 There was no beginning inventory. Determine cost of goods sold using the absorption-costing approach. Group of answer choices
1. Assuming the company uses variable costing, calculate Marigold’s manufacturing cost per unit for 2020. (Round...
1. Assuming the company uses variable costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
2. Prepare a variable costing income statement for 2020.
(Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
3. Assuming the company uses absorption costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
4. Prepare an absorption costing income statement for...
Mills Manufacturing Inc. had sales for January 2020 of $900,000. The units sold were 18,000, and...
Mills Manufacturing Inc. had sales for January 2020 of $900,000. The units sold were 18,000, and the expenses for January 2020 were as follows: Variable Fixed Cost of goods sold $171,000 $108,000 Selling expenses 49,500 24,300 Administrative expenses 24,300 28,800 Prepare a detailed CVP income statement for the month ended January 31, 2020. (Round per unit cost to 2 decimal places, e.g. 15.25.) Mills Manufacturing Inc. CVP Income Statement Total Per unit $ Calculate the contribution margin per unit. (Round...
QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and...
QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 690 units @ $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit...
Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units p...
Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units produced equalled units sold in 2020. The company's variable-costing income statement and other data are as follows: EMPEY MANUFACTURING Income Statement Year Ended December 31, 2020 Variable Costing Sales (260,700 units) $521,400 Variable cost of goods sold $255,486 Variable selling expenses 31,284 Variable administrative expenses 36,498 323,268 Contribution margin 198,132 Fixed manufacturing overhead 96,459 Fixed selling expenses 38,500 Fixed administrative expenses 42,625...
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($225,000 - 3,000 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses 80 60 10 75 37,500 65,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption...
50,000 45,000 $76 Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (total) Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (total) $3 $ 567,000 $15 $7 $3 $ 900,000 Because the new antenna is unique in design, management is anxious to see how profitable it will be and has asked that an income statement be prepared...
1. Assuming the company uses variable costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
2. Prepare a variable costing income statement for 2020.
(Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
3. Assuming the company uses absorption costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
4. Prepare an absorption costing income statement for...
Mills Manufacturing Inc. had sales for January 2020 of $900,000. The units sold were 18,000, and the expenses for January 2020 were as follows: Variable Fixed Cost of goods sold $171,000 $108,000 Selling expenses 49,500 24,300 Administrative expenses 24,300 28,800 Prepare a detailed CVP income statement for the month ended January 31, 2020. (Round per unit cost to 2 decimal places, e.g. 15.25.) Mills Manufacturing Inc. CVP Income Statement Total Per unit $ Calculate the contribution margin per unit. (Round...
QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 690 units @ $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit...
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