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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Total and Unit Product Cost

Martinez Manufacturing Inc. showed the following costs for last month:

Chapter 2, Problem 38E, Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month:

Last month, 4,000 units were produced and sold.

Required:

  1. 1. Classify each of the costs as product cost or period cost.
  2. 2. What is the total product cost for last month?
  3. 3. What is the unit product cost for last month?

1.

To determine

Classify each cost as period cost or product cost.

Explanation

Product Cost:

The amount of cost whether direct or indirect incurred by the company in order to produce a product is known as product cost. It also means the cost incurred by the company in acquiring a product and making it available for sale.

Period costs can be defined as the costs which are not associated with the process of manufacturing. Selling and distribution costs are examples of period costs...

2.

To determine

Calculate the total product cost for the last month.

3.

To determine

Calculate the amount of unit product cost for previous month.

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