Please do not give solution in image format thanku Current Attempt in ProgressBridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurredthe following costs:Variable cost per unitDirect materialsDirect labourVariable manufacturing overheadVariable selling and administrative expensesFixed costs for yearFixed manufacturing overheadFixed selling and administrative expenses$6.40(a)2.725.763.90$284,214241,400Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400.Assume the company uses normal-absorption costing and uses the budgeted volume of 93,800 units to allocate the fixedoverhead rate rather than the actual production volume of 94,600 units. The company expenses production volume variance to A(a)Assume the company uses normal-absorption costing and uses the budgeted volume of 93,800 units to allocate the fixedoverhead rate rather than the actual production volume of 94,600 units. The company expenses production volume variance tocost of goods sold in the accounting period in which it occurs. Do the following:1. Calculate the manufacturing cost per unit. (Round per unit calculations and final answer to 2 decimal places, e.g. 15.25.)Manufacturing cost $2. Prepare a normal-absorption-costing income statement for 2022. (Round per unit calculations to 2 decimal places, e.g. 15.25 andfinal answers to O decimal places, e.g. 125.)eTextbook and Mediaper unitSave for LaterBRIDGEPORT'S COMPANYIncome Statement-Normal-Absorption CostingAttempts: 0 of 2 used70.5 =Submit Answer

Solution: Manufacturing cost per unit : Manufacturing cost per unit = Direct material + Direct labor…

Bridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs: Variable cost per unit Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Fixed costs for year Fixed manufacturing overhead Fixed selling and administrative expenses $6.40 2.72 5.76 3.90 $284,214 241,400 Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400.

Bridgeport's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs: Variable cost per unit Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Fixed costs for year Fixed manufacturing overhead Fixed selling and administrative expenses $6.40 2.72 5.76 3.90 $284,214 241,400 Bridgeport's Company sells the fishing lures for $25.00. During 2022, the company produced 94,600 lures and sold 78,400.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 20E

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