What is the gross profit Major Motors earned last month?

Bracey Company manufactures and sells one product. The following information pertains to the company's first year of operations: Variable cost per unit: Direct materials Fixed costs per year: Direct labor $ 32 $ 450,500 Fixed manufacturing overhead Fixed selling and administrative expenses $ 431,950 $ 74,000 The company does not incur any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, Bracey produced 26,500 units and sold 24,300 units. The selling price of the company's product is $72 per unit. Required: 1. Assume the company uses super-variable costing: a. Compute the unit product cost for the year. b. Prepare an income statement for the year. 2. Assume the company uses a variable costing system that assigns $17.00 of direct labor cost to each unit produced: a. Compute the unit product cost for the year. b. Prepare an income statement for the year. 3. Assume the company uses an absorption costing system that…

The Dotson Company began business on January 1, 2016. During the year, the company paid $120,000 for materials used in the production process and $300,000 in wages for the production workers. The rent and utilities of the manufacturing plant totaled $80,000. Selling costs amounted to $150,000. The company made 250,000 units and sold 210,000 units for $5 each. What was the company’s production cost per unit?

arwick’s Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,482 per unit and then sells them to retail customers for an average price of $3,100 each. The company’s selling and administrative costs for a typical month are presented below:   Costs Cost Formula Selling:     Advertising $ 963 per month Sales salaries and commissions $ 4,816 per month, plus 3% of sales Delivery of pianos to customers $ 59 per piano sold Utilities $ 640 per month Depreciation of sales facilities $ 5,100 per month Administrative:     Executive salaries $ 13,519 per month Insurance $ 704 per month Clerical $ 2,471 per month, plus $38 per piano sold Depreciation of office equipment $ 926 per month     During August, Marwick’s Pianos, Inc., sold and delivered 58 pianos.   Required: 1. Prepare a traditional format income statement for August.2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per…

Andy's Water Pets Inc. makes 100-gallon plexiglass aquariums. They reported the following financial information for last year: Direct labor: 12,000 hours @ $20 per hr. Production manager salary: $100,000 Factory rent: $48,000 Equipment maintenance: $20,000 (considered a variable expense) Equipment depreciation: $20,000 Production for the year: 12,000 units $2,000,000 Total Revenue: Total aquariums sold during the period: 15,000 units Operating Income under variable costing (after non-production expenses): $408,000 Assume that the fixed costs were the same on a per-unit basis during the prior period. What would Operating Income be under absorption costing? (Round per-unit costs to the nearest cent.) Select one: a. $366,000 b. $361,020 c. $454,980 d. None of these options are correct. e. $450,000

Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets and sold 4,400. Each racket was sold at a price of $85. Fixed overhead costs are $68,750, and fixed selling and administrative costs are $64,700. The company also reports the following per unit variable costs for the year:

Craft Company produces a single product. Last year, the company had a net operating income of $83,560 using absorption costing and $76,900 using variable costing. The fixed manufacturing overhead cost was $6 per unit. There were no beginning inventories. If 25,300 units were produced last year, then sales last year were: a) 26,410 units b) 31,960 units c) 24,190 units d) 18,640 units

Strait Co. manufactures office furniture. During the most productive month of the year, 3,100 desks were manufactured at a total cost of $82,600. In the month of lowest production, the company made 1,160 desks at a cost of $58,100. Using the high-low method of cost estimation, total fixed costs are

Marwick’s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,509 per unit and then sells them to retail customers for an average price of $2,000 each. The company’s selling and administrative costs for a typical month are presented below:   Costs Cost Formula Selling:     Advertising $ 952 per month Sales salaries and commissions $ 4,776 per month, plus 5% of sales Delivery of pianos to customers $ 63 per piano sold Utilities $ 663 per month Depreciation of sales facilities $ 5,029 per month Administrative:     Executive salaries $ 13,453 per month Insurance $ 686 per month Clerical $ 2,480 per month, plus $42 per piano sold Depreciation of office equipment $ 887 per month   During August, Marwick’s Pianos, Incorporated, sold and delivered 57 pianos.   Required: 1. Prepare a traditional format income statement for August.2. Prepare a contribution format income statement for August. Show costs and revenues on both a…

Jack Jones, the materials manager at Precision Enterprises, is beginning to look for ways to reduce inventories. A recent accounting statement shows that the inventory investment for raw materials is $4,076, 100, for work-in-process is $6,888,000, and for finished goods is $2,994,000. This year's cost of goods sold will be about $30,108,000. Assume that there are 52 business weeks per year. a. Express total inventory as weeks of supply. The weeks of supply is weeks. (Enter your response rounded to one decimal place.) 27 **