Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $ 73,000 Direct labor $ 37,000 Variable...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $ 73,000 Direct labor $ 37,000 Variable manufacturing overhead $ 16,600 Fixed manufacturing overhead 29,200 Total manufacturing overhead $ 45,800 Variable selling expense $ 12,800 Fixed selling expense 19,600 Total selling expense $ 32,400 Variable administrative expense $ 4,400 Fixed administrative expense 25,800 Total administrative expense $ 30,200
Required:
1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost?
2. With respect to cost classifications for assigning costs to cost objects: a. What is total direct manufacturing cost? b. What is the total indirect manufacturing cost?
3. With respect to cost classifications for manufacturers: a. What is the total manufacturing cost? b. What is the total nonmanufacturing cost? c. What is the total conversion cost and prime cost?
4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? (Round your answer to the nearest whole dollar amount.)
5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? (Round your answer to the nearest whole dollar amount.)
Homework Answers
Solution 1a) Calculation of Total Product Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73,000.00 |
73.00 |
|
Direct labor |
37,000.00 |
37.00 |
|
Variable manufacturing overhead |
16,600.00 |
16.60 |
|
Fixed manufacturing overhead |
29,200.00 |
29.20 |
|
Total |
1,55,800.00 |
155.80 |
Solution 1b) Calculation of Total Period Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Variable selling expense |
12800.00 |
12.80 |
|
Fixed selling expense |
19600.00 |
19.60 |
|
Variable administrative expense |
4400.00 |
4.40 |
|
Fixed administrative expense |
25800.00 |
25.80 |
|
Total |
62,600.00 |
62.60 |
Solution 2a) Total Direct Manufacturing Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73000.00 |
73.00 |
|
Direct labor |
37000.00 |
37.00 |
|
Total |
110000.00 |
110.00 |
2b) Total Indirect Manufacturing cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Variable manufacturing overhead |
16600.00 |
16.60 |
|
Fixed manufacturing overhead |
29200.00 |
29.20 |
|
Total |
45800.00 |
45.80 |
Solution 3a) Total Manufacturing Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73,000.00 |
73.00 |
|
Direct labor |
37,000.00 |
37.00 |
|
Variable manufacturing overhead |
16,600.00 |
16.60 |
|
Fixed manufacturing overhead |
29,200.00 |
29.20 |
|
Total |
1,55,800.00 |
155.80 |
Soluton 3b) Total Non Manufacturing Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Variable selling expense |
12,800.00 |
12.80 |
|
Fixed selling expense |
19,600.00 |
19.60 |
|
Variable administrative expense |
4,400.00 |
4.40 |
|
Fixed administrative expense |
25,800.00 |
25.80 |
|
Total |
62,600.00 |
62.60 |
Solution 3c) Total Conversion Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct labor |
37,000.00 |
37.00 |
|
Variable manufacturing overhead |
16,600.00 |
16.60 |
|
Fixed manufacturing overhead |
29,200.00 |
29.20 |
|
Total |
82,800.00 |
82.80 |
Solution 3c) Prime Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73000.00 |
73.00 |
|
Direct labor |
37000.00 |
37.00 |
|
Total |
110000.00 |
110.00 |
Solution 4a) Total Variable Manufacturing cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73,000.00 |
73.00 |
|
Direct labor |
37,000.00 |
37.00 |
|
Variable manufacturing overhead |
16,600.00 |
16.60 |
|
Total |
1,26,600.00 |
126.60 |
Solution 4b) Total Fixed Cost
|
Total $ (1000 Units) |
Per Unit |
|
|
Fixed manufacturing overhead |
29,200.00 |
29.20 |
|
Fixed selling expense |
19,600.00 |
19.60 |
|
Fixed administrative expense |
25,800.00 |
25.80 |
|
Total |
74,600.00 |
74.60 |
Solution 4C) Variable Cost per Unit of unit produced
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73000.00 |
73.00 |
|
Direct labor |
37000.00 |
37.00 |
|
Variable manufacturing overhead |
16600.00 |
16.60 |
|
Variable administrative expense |
4400.00 |
4.40 |
|
Total |
131000.00 |
131.00 |
Solution 4C) Variable Cost per Unit of unit sold
|
Total $ (1000 Units) |
Per Unit |
|
|
Direct materials |
73000.00 |
73.00 |
|
Direct labor |
37000.00 |
37.00 |
|
Variable manufacturing overhead |
16600.00 |
16.60 |
|
Variable administrative expense |
4400.00 |
4.40 |
|
Variable selling expense |
12800.00 |
12.80 |
|
Total |
143800.00 |
143.80 |
Solution 5) Incremental Cost of manufacturing additional
|
Per Unit $ |
|
|
Direct materials |
73.00 |
|
Direct labor |
37.00 |
|
Variable manufacturing overhead |
16.60 |
|
Variable administrative expense |
4.40 |
|
131.00 |
Add Answer to:
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $ 73,000 Direct labor $ 37,000 Variable...
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