and costs per unit over the relevant range of 52,000 to 92,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 82,000 units during the year at a selling price of $11.11 per unit. Prepare contribution format Income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit 52,000 Units Produced and Sold $ S 208,000 440,000 648,000 72,000 Units Produced and Sold 92,000 Units Produced and Sold

and costs per unit over the relevant range of 52,000 to 92,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 82,000 units during the year at a selling price of $11.11 per unit. Prepare contribution format Income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit 52,000 Units Produced and Sold $ S 208,000 440,000 648,000 72,000 Units Produced and Sold 92,000 Units Produced and Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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question? 1) For each cost determine whether it is fixed,variable or mixed? Think about the appropriate activity level for each cost:units sold or units produced. 2) prepare a properly formatted cost function for each cost ?
! Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. During its first year of operations, O'Brien produced 98,000 units and sold 74,000 units. During its second year of operations, it produced 80,000 units and sold 99,000 units. In its third year, O'Brien produced 90,000 units and sold 85,000 units. The selling price of the company's product is $78 per unit. Req 4A 4. Assume the company uses absorption costing and a LIFO inventory flow assumption (LIFO…
a) Compute the selling price per unit in 2019, using the equation method. b) Given the sales of 3,000 units and the selling price calculated in (a), prepare a contribution marginincome statement for the year ended December 31, 2019, detailing the components of total fixed costsand clearly showing contribution and net income. c) Calculate Benoit’s break-even point in units and in sales dollars.
Answer the questions from the information provided.2.1 Use the information given below to prepare the Income Statement for March 2022 according to theabsorption costing method.INFORMATIONThe following information was extracted from the accounting records of Alpha Enterprises for the month ended 31March 2022: Sales 3200 units Selling price per unit R100 Finished products on 01 March 2022 400 units products manufactured during the month 3600 units variable manufacturing costs per unit R26 variable selling and administatrive costs per units sold R12 fixed manufacturing costs R25 200 fixed selling and administractive costs R12 400 Additional informationThe variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March2022 was R21.60 and R26.20 respectively. 2.2 Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is…
Following is the revenue and cost data for Metlock Ltd. in the manufacturing of luxury shower curtains for the year ended December 31, 2022: NewsVariable manufacturing costs $34 per curtainVariable selling and administrative expenses $8 per curtain Fixed manufacturing overhead $53,900Fixed selling and administrative expenses $184,800 Units produced and sold 7, 700Selling price $84 per curtain. Prepare an income statement using absorption costing. Prepare an income statement using variable costing.
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 65,000 to 105,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 95,000 units during the year at a selling price of $9.36 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ $ 65,000 Units Produced and Sold 85,000 214,500 430,000 644,500 $ 0.00 $ 43,000 43,000 $ 0.00 $ 105,000 43,000 43,000 0.00
Use the information given below to prepare the Income Statement of Costa Enterprises for the year ended 31 December 2022 using the absorption costing method. Costa Enterprises commenced operations on 02 January 2022, and produces a single product that sells for R72 per unit. During 2022, 300 000 units of the product were manufactured of which 240 000 units were sold. There was no work-in-process inventory at the end of the year. Manufacturing costs and marketing and administrative costs for 2022 were as follows: Please avoid solutions in an image format thanku
Use the information given in the image to prepare the Income Statement for March 2022 according to theabsorption costing method.
ASSIGNMENT 1. Enusah Motors Limited assembles and sells motor vehicles. It uses an actual costing system, in which unit costs are calculated on a monthly basis. The selling price per motor vehicle is ¢44,000. Data relating to January, February and March of 2020 are: January February March Unit data: Production (units) Sales (units) 1000 1000 900 900 1040 940 100 60 20 Variable-cost data: Manufacturing costs per unit produced Selling and Admin costs per unit sold ¢16,000 ¢16,000 ¢16,000 8,000 8,000 8,000 Fixed-cost data Manufacturing costs Selling and Admin costs ¢2,400,000 ¢2,400,000 ¢2,400,000 ¢1,600,000 ¢1,600,000 ¢1,600,000 Required: Compute the product cost per unit under both variable and absorption costing methods i. ii. Present income statements for Enusah Motors in January, February and March of 2020 under Variable costing Absorption costing. а. b. iii. Reconcile and explain the differences in operating profits under both costing methods
You are required show ALL supportingworkings where necessary and state any assumption(s) made. _C-V-P AnalysisGreek Manufacturing Company produces and sells a line of product that are sold usually all year round. Thecompany has a maximum production capacity of 100,000 units per year. Operating at normal capacity, thebusiness earned Operating Income of $600,000 in 2020. The following cost data has been prepared for theyear ended December 31, 2020.Selling price per unit……………………………………… $50.00Production Costs:Direct Materials …………………………………. $10.00Direct Labour ……………………………………. $8.00Variable Manufacturing Overhead ……………. $7.00Fixed Manufacturing Overhead…………....................... $450,000Fixed Selling & Administrative Expenses……………… $300,000Variable selling expense per unit ………………………. $10.00Required: a. Using the equation method calculate the normal capacity of the business b.Assuming sales equal to the normal capacity calculated in (a) above, prepare a contribution margin income…
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Complete this question by entering your answers in the tabs below. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,350,000 (per year) Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)