Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 11.00

Packer Company

Packer Company, which has only one product, has provided the following data concerning its most recent month of operations:

     
Selling price $ 95
     
Units in beginning inventory   730
Units produced   2,100
Units sold   2,480
Units in ending inventory   350
     
Variable costs per unit:    
Direct materials $ 24
Direct labor $ 21
Variable manufacturing overhead $ 1
Variable selling and administrative $ 13
Fixed costs:    
Fixed manufacturing overhead $ 52,500
Fixed selling and administrative $ 7,440

The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. (Hint: Use the reconciliation method.)
Required:
a.

What is the unit product cost for the month under variable costing? (Omit the "$" sign in your response.)

 

  Cost per unit
Variable costing $

 

b.

Prepare a contribution format income statement for the month using variable costing. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in your response.)

 

Variable Costing Income Statement
(Click to select)Selling and administrative expensesNet operating income (loss)Contribution marginVariable selling and administrative expensesManufacturing overheadSalesVariable cost of goods sold   $
Variable expenses:    
(Click to select)Variable selling and administrative expensesSalesVariable cost of goods soldNet operating incomeContribution marginManufacturing overhead $  
(Click to select)Net operating incomeSalesVariable cost of goods soldVariable selling and administrative expensesContribution marginManufacturing overhead    
 
(Click to select)Contribution marginVariable selling and administrative expensesNet operating income (loss)Variable cost of goods soldSalesManufacturing overhead    
Fixed expenses:    
(Click to select)Variable selling and administrative expensesFixed manufacturing overheadVariable cost of goods soldNet operating incomeFixed selling and administrative expensesContribution marginSales    
(Click to select)Fixed manufacturing overheadSalesVariable selling and administrative expensesContribution marginVariable cost of goods soldNet operating incomeFixed selling and administrative expenses    
 
(Click to select)Variable cost of goods soldManufacturing overheadNet operating income (loss)Selling and administrative expensesVariable selling and administrative expensesSalesContribution margin   $
   

 

c.

Without preparing an income statement, determine the absorption costing net operating income for the month. (Omit the "$" sign in your response.)

 

Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes
Variable costing net operating income $
(Click to select)AddDeduct: (Click to select)Fixed manufacturing overhead costs deferred in inventory under absorption costingFixed manufacturing overhead costs released from inventory under absorption costing  
 
Absorption costing net operating income $
 

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 02:09 PM My Price 11.00

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