Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 24 Aug 2017 My Price 12.00

Waterloo Storage Products

EXERCISE 8–5 Variable Costing Unit Product Cost and Income Statement; Break-Even [LO1, LO2]

Waterloo Storage Products makes a four-drawer plastic storage cabinet on casters meant for use in garages and workshops. Each cabinet sells for $35. Data for last year’s operations follow:

 

 

Units in beginning inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

Units produced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25,000

Units sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,500

Units in ending inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,500

Variable costs per unit:

Direct materials  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$        8

Direct labour. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

Variable manufacturing overhead  . . . . . . . . . . . . . . . . . . . . . .

2

Variable selling and administrative . . . . . . . . . . . . . . . . . . . . . .

         4

Total variable cost per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$      24

Fixed costs:

Fixed manufacturing overhead  . . . . . . . . . . . . . . . . . . . . . . . . .

 

$ 75,000

Fixed selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . .

  110,000

Total fixed costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$185,000

 

 

Required:

1.              Assume that the company uses variable costing. Compute the unit product cost for one storage cabinet.

2.              Assume that the company uses variable costing. Prepare a contribution format income statement for the year.

3.              What is the company’s break-even point in terms of units sold?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 12:08 AM My Price 12.00

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