Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 6.00

Advance products, Inc.

Advance products, Inc., has just organized a new division to manufacture and sell specially designed tables using select hardwoods for personal computers. The division's monthly costs are shown in the schedule below:  
ADVANCE PRODUCTS, INC.    
           
Manufacturing costs:        
Variable costs per unit:        
Direct materials   $ 86    
Variable manufacturing overhead   $ 4    
Fixed manufacturing overhead costs (total)   $ 240,000    
Selling and administrative costs:        
Variable (percentage of sales)   15%    
Fixed (total)   $ 160,000    
           
Advance products regards all of its workers as full-time employees and the company has a long-standing no-layoff policy. Furthermore, production is highly automated. Accordingly, the company includes its labour costs in its fixed manufacturing overhead. The tables sell for $250 each.  
During the first month of operations, the following activity was recorded:    
Activity:        
Units produced   4,000    
Units sold   3,200    
Required:        
1 Compute the unit product cost under:  
  (a) absorption costing  
  (b) variable costing    
           
2 Prepare an income statement for the month using absorption costing.  
           
3 Prepare a contribution format income statement for the month using variable costing.
           
4 Assume that the company must obtain additional financing. As a member of top management, which of the statements that you have prepared in (2) and (3) above would you prefer to take with you to negotiate with the bank? Why?
5 Reconcile the absorption costing and variable costing net operating incomes in (2) and (3) above.

 

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Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 06:08 PM My Price 6.00

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