Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 161 Units in beginning inventory 50 Units produced 1,550 Units sold 1,580 Units in ending inventory 20 Variable costs per unit: Direct materials $ 53 Direct labor $ 30 Variable manufacturing overhead $ 7 Variable selling and administrative expense $ 12 Fixed costs: Fixed manufacturing overhead $ 15,500 Fixed selling and administrative expense $ 39,500 What is the total period cost for the month under variable costing?
Answer: $73,960
.
Period costs are those costs that are expensed (Charged off to income) entirely in the period in which they are incurred.
Fixed costs = Fixed manufacturing overhead + Fixed selling and administrative expense
= $15,500 + $39,500
= $55,000
.
Variable selling and administrative expenses = Units sold x Variable selling and administrative expenses per unit
= 1,580 x $12
= $18,960
.
Under variable costing,
Period costs = Fixed costs + Variable selling and administrative expenses
= $55,000 + $18,960
= $73,960
Hadley Corporation, which has only one product, has provided the following data concerning its most recent...
Hadley 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 What is the total period cost for the month under variable costing? Multiple Choice
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