Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations:Selling priceUnits in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable costs per unit:Direct materialsDirect laborMultiple ChoiceOVariable manufacturing overheadVariable selling and administrative expenseFixed costs:Fixed manufacturing overhead$ 54,400Fixed selling and administrative expense$ 3,000The total gross margin for the month under the absorption costing approach is:$12,000$59,400$63,000$ 900$27,0003,4003,000400$21$ 38$6$4

Using Absorption costing, both variable and fixed Costs are included in the product cost. The gross…

Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Multiple Choice Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead $ 54,400 Fixed selling and administrative expense $ 3,000 The total gross margin for the month under the absorption costing approach is: $12,000 $59,400 $63,000 $ 90 0 $27,000 3,400 3,000 400 $ 21 $ 38 $6 $4

Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Multiple Choice Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead $ 54,400 Fixed selling and administrative expense $ 3,000 The total gross margin for the month under the absorption costing approach is: $12,000 $59,400 $63,000 $ 90 0 $27,000 3,400 3,000 400 $ 21 $ 38 $6 $4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Columbia Corporation produces a single product. The company's variable costing Income statement for November appears below: Columbia Corporation Income Statement For the Month ended November 30 Sales ($20 per unit) Variable expenses: Variable cost of goods sold Variable selling expense Total variable expenses Contribution margin Fixed expenses: Manufacturing Selling and administrative Total fixed expenses Net operating income Multiple Choice O During November, 35,960 units were manufactured and 8,080 units were in beginning Inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months. The value of the company's Inventory on November 30 under absorption costing would be: $22.620 $33,060 $27,840 $846,000 $38,060 549,900 126,900 676,800 169,200 107,880 35,960 143,840 $25,360
What is the total period cost for the month under absorption costing
Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials. Direct labor Variable manufacturing overhead Variable selling and administrative July August Total variable cost per unit. Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month The product sells for $47 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 21,000 21,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income. $ 3 11 Units Sold 17,000 25,000 Required: 1. Determine the unit product cost under: a. Absorption costing. b. Variable costing. 4 1 $ 19 The company's Accounting Department has prepared the following absorption costing income statements for July and August: July $ 799,000 408,000 391,000 183,000 $ 208,000 $ 126,000 166,000 $ 292,000 2. Prepare variable costing income…
help me
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense The total gross margin for the month under absorption costing is: Multiple Choice $81,900 $21,840 $128,430 $139,230 $ 144 0 3,020 2,730 290 $ 47 $21 $ 16 $9 $90,600 $35,490
On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Line Item Description Amount Amount Sales (13,400 units) $750,400 Variable cost of goods sold: Variable cost of goods manufactured $343,200 Inventory, October 31 (2,200 units) (48,400) Total variable cost of goods sold (294,800) Manufacturing margin $455,600 Variable selling and administrative expenses (201,000) Contribution margin $254,600 Fixed costs: Fixed manufacturing costs $62,400 Fixed selling and administrative expenses 53,600 Total fixed costs (116,000) Operating income $138,600 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment CompanyAbsorption Costing Income StatementFor the Month Ended October 31 Line Item Description Amount Amount $Sales Cost of goods sold:…
The company’s variable costs per unit and total fixed costs have been constant from month to month
Ober Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense Required: $ 127 0 8,970 8,540 430 $ 37 $ 36.50 $ 5.50 $ 12.50 $ 183,885 $ 109,900 a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing.
Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 21,800 units, and 2,900 units remain in ending finished goods inventory for May. Fixed overhead was $43,600. Variable selling and administration expenses were $39,000 and fixed selling and administrative expenses were $19,400. Sales (18,900 units) $ 378,000 Cost of goods sold 294,000 Gross profit 84,000 Selling and administrative expenses 58,400 Income $ 25,600 Prepare an income statement using variable costing.
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units in beginning inventory 0 Units produced 4,450 Units sold 4,350 Units in ending inventory 100 Variable costs per unit: Direct materials $ 50 Direct labor $ 52 Variable manufacturing overhead $ 15 Variable selling and administrative expense $ 13 Fixed costs: Fixed manufacturing overhead $93,450 Fixed selling and administrative expense $43,500 What is the variable costing unit product cost for the month? $130 per unit $151 per unit $117 per unit $129 per unit
The following data is for a company that produces a single product. selling price 24 193 Units in beginning inventory Units produced Units sold 3,090 2,910 Variable costs per unit: Direct materials 24 24 24 24 53 Direct labor 59 variable manufacturing overhead variable selling and administrative expense Fixed costs: 15 13 Fixed manufacturing overhead Fixed selling and administrative $ 89,610 $ 8,730 Required: a. What is the unit product cost for the month under varlable costing? b. What Is the unit product cost for the month under absorption costing? C. Prepare a contribution format Income statement for the month using varlable costing. d. Prepare an Income statement for the month using absorption costing. e. Reconcile the varlable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using…
The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event: Dinner (per person) $ 30 Favors and program (per person) $ 3 Band $ 1,260 Rental of ballroom $ 630 Professional entertainment during intermission $ 1,260 Tickets and advertising $ 3,150 The committee members would like to charge $54 per person for the evening’s activities. Required: 1. What is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. Assume that last year only 200 persons attended the dinner-dance. If the same number attend this year, what price per ticket must be charged in order to break even? (Round your answer to the nearest whole dollar amount.)