Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 9.00

Cool Sky reports

[The following information applies to the questions displayed below.]

Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $120 per unit.
     
Manufacturing costs    
Direct materials per unit $ 48
Direct labor per unit $ 18
Variable overhead per unit $ 6
Fixed overhead for the year $ 440,000
Selling and administrative cost    
Variable selling and administrative cost per unit $ 10
Fixed selling and administrative cost per year $ 100,000

 

 

1a.

Assume the company uses absorption costing. Determine its product cost per unit.
   

 

 

 

 

1b.

Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.
   

 

 

2a.

Assume the company uses variable costing. Determine its product cost per unit.
   

 

2b.

Assume the company uses variable costing. Prepare its income statement for the year under variable costing.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 11:08 PM My Price 9.00

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