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Category > Accounting Posted 11 Jul 2017 My Price 10.00

Test 2 Problem 1

Test 2
Problem 1
20 points
Variable and Absorption costing and Income Statements
We manufacture and sell Dinner Tables.
Manufacturing costs:
Fixed overhead
Variable overhead
Direct labor
Direct materials $300,000
$5 per table
$10 per table
$20 per table Beginning inventory
Tables produced
Tables Sold 0 Tables
100,000
95,000 Selling and administrative costs:
Fixed
Variable
The table sells for $500,000
$15 Per table sold $100 The company uses absorption costing, calculate the manufacturing cost per unit.
Absorption Manufacturing Costs Per Table Direct materials
Direct labor
Variable Manufacturing Overhead
Fixed Manufacturing Overhead(300000/100000)
Cost per unit $20
10
5
3
$38 Prepare an absorption costing income statement.
Tables R US
Income Statement
For the Month Ended July 31, 20XX
Absorption Costing Sales
Less : Cost of goods sold
Less : Fixed Overhead
Less : Variable selling and Administrative
Less : Fixed Selling and Administrative
Net Income $9,500,000
-3325000
-300000
$1,425,000
500,000 The company uses variable costing, calculate the manufacturing cost per unit.
Variable Manufacturing Costs Per Table Direct Labor
Direct Materials
Variable Overhead
Cost per unit $10
20
5
$35 -1925000
$3,950,000

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SuperTutor
(15)
Status NEW Posted 11 Jul 2017 08:07 AM My Price 10.00

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