SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT: DIRECT MINERALS R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST: FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Prepare an income statement for the month using the Marginal costing method.

SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT: DIRECT MINERALS R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST: FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Prepare an income statement for the month using the Marginal costing method.

Name: SELLING PRICER116UNITS IN OPENING INVENTORY600UNITS MANUFACTURED 2550U
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Description: SELLING PRICER116UNITS IN OPENING INVENTORY600UNITS MANUFACTURED 2550UNIT SOLD3050UNITS IN CLOSING INVENTORY100VARIABLE COSTS PER UNIT: DIRECT MINERALS R12DIRECT LABOURR50VARIABLE MANUFACTURING OVERHEADR6,50VARIABLE SELLING AND ADMINISTRATIVER10,00FI

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter18: Pricing And Profitability Analysis

Section: Chapter Questions

Problem 24E: Banwood Company has the following information for 20x1: There were no beginning inventories. What is...

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Refer to Cornerstone Exercise 18.3. Required: 1. Calculate the cost of each unit using variable costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using variable costing? 3. Prepare a variable-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?
Variable costingsales exceed production The beginning inventory is 52,800 units. All of the units that were manufactured during the period and 52,800 units of the beginning inventory were sold. The beginning inventory fixed manufacturing costs are 14.70 per unit, and variable manufacturing costs are 30 per unit. Determine (A) whether variable costing operating income is less than or greater than absorption costing operating income, and (B) the difference in variable costing and absorption costing operating income.
Banwood Company has the following information for 20x1: There were no beginning inventories. What is the ending inventory for Banwood using the absorption costing method? a. 300,000 b. 180,000 c. 120,000 d. 80,000
Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT: DIRECT MINERALS R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST: FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Prepare an income statement for the month using the absorption costing method
SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT: DIRECT MINERALS R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST: FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Calculate the unit product cost for the month under marginal costing.
SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT: DIRECT MINERALS R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST: FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Calculate the unit product cost for the month under Absorption Costing
Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
NEED IT ASAP LO.3 (FIFO cost assignment) In October 2010, Tibbetts Company had the following production and cost data:Beginning inventory units (80% complete as to DM;45% complete as to DL; 30% complete as to OH)42,600October completed production 1,570,000Units in ending inventory (35% complete as to DM;15% complete as to DL; 5% complete as to OH) 28,400Beginning inventory cost $458,482October direct material cost per EUP $10.74October direct labor cost per EUP $13.88October overhead cost per EUP $24.80 a. What is the cost of the beginning inventory transferred out in October?b. What is the total cost transferred out in October?c. What is the cost of ending inventory at the end of October?d. What is the total cost to account for during October?
Sales per unit P15.00Variable production cost 8.00Annual fixed production cost 35,000.00Variable selling expense (unit) 3.00Annual fixed selling expense 15,000.00Produced 12,500 units during the periodNo inventory at January 1 (beg.)Sold 10,000 units 21. The ending inventory under direct costing isa. P25,000 b. P27,500 c. P20,000 d. P32,500 22. Ending inventory under absorption costing isa. P32,500 b. P20,000 c. P25,000 d. P27,000
Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR Calculate cost of Goods Sold. Select one: a. 385500 OMR b. None of these c. 395500 OMR d. 357500 OMR
. Unit product costs, profit and cost of ending inventory. Northern Bicycle produces an inexpensive motorbike that sells for P 12,000. Selected data for the company's operation last year follow: Units in beginning inventory P 300 Units produced 1,000 Units sold 800 Units in ending inventory 500 Variable cost per unit: Direct Materials P 1,300 Direct Labor 800 Manufacturing overhead 500 Selling and administrative 200 Fixed cost per year: Manufacturing overhead P4,000,000 Selling and administrative 2,000,000 Required: 1. Compute the unit costs under absorption and variable costing methods. 2. Compute the operating income under absorption and variable costing methods. 3. Compute the value of ending inventory under absorption and variable costing methods. 4. Reconcile the difference in operating income under the absorption and variable costing methods.

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SELLING PRICE	R116
UNITS IN OPENING INVENTORY	600
UNITS MANUFACTURED	2550
UNIT SOLD	3050
UNITS IN CLOSING INVENTORY	100
VARIABLE COSTS PER UNIT:
DIRECT MINERALS	R12
DIRECT LABOUR	R50
VARIABLE MANUFACTURING OVERHEAD	R6,50
VARIABLE SELLING AND ADMINISTRATIVE	R10,00
FIXED COST:
FIXED MANUFACTURING OVERHEAD	R81 000
FIXED SELLING AND ADMINISTRATIVE	R19 000