Homework Answers
Answer- 1)- The variable manufacturing cost per unit for last month = $14.05 per unit.
Explanation- Unit product cost under Variable costing:-Direct materials + Direct Labor+ Variable manufacturing overhead
= $9.60+$3.40+$1.05
= $14.05 per unit
2)-
| DANCE CREATIONS | |||
| Income statement (Using variable costing approach) | |||
| Particulars | Amount | ||
| $ | |||
| Sales (a) | 1375 units*$30 per unit | 41250 | |
| Less:- Variable cost of goods sold (b) | |||
| Opening inventory | NIL | ||
| Add:- Variable cost of goods manufactured | 21075 | ||
| Direct materials | 1500 units*$9.60 per unit | 14400 | |
| Direct labor | 1500 units*$3.40 per unit | 5100 | |
| Variable manufacturing overhead | 1500 units*$1.05 per unit | 1575 | |
| Variable cost of goods available for sale | 21075 | ||
| Less:- Closing inventory | 125 units*$14.05 per unit | 1756.25 | 19318.75 |
| Gross contribution margin C= a-b | 21931.25 | ||
| Less:-Variable selling & administrative exp. | 1375 units*$0.40 per unit | 550 | |
| Contribution margin | 21381.25 | ||
| Less:- Fixed costs | |||
| Manufacturing overhead | 16125 | ||
| Selling & administrative exp. | 4950 | ||
| Net Income | 306.25 |
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Dance Creations manufactures authentic Hawaiian hula skirts that are purchased for traditional Hawaiian celebrations, costume parties, and other functions. During its first year of business, the company incurred the following costs: Variable Cost per Hula Skirt Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $ 10.55 4.35 1.50 0.45 Fixed Cost per Month Fixed manufacturing overhead Fixed selling and administrative expenses $19,550 5,900 Dance Creations charges $35 for each skirt that it sells. During the first...
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Dance Creations manufactures authentic Hawaiian hula skirts that are purchased for traditional Hawaiian celebrations, costume parties, and other functions. During its first year of business, the company incurred the following costs: 9.85 Variable Cost per Hula Skirt Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses 3.65 1.30 0.70 Fixed Cost per Month Fixed manufacturing overhead Fixed selling and administrative expenses $16,125 5,200 Dance Creations charges $32 for each skirt that it sells. During the first month...
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Dance Creations manufactures authentic Hawaiian hul skirts that are purchased for traditional Hawaiian celebrations, costume parties, and other functions. During its first year of business, the company incurred the following costs: Variable Cost per Hula Skirt 10.05 Variable manutduring overhead Variable selling and administrative expenses Ford Cooper Month Food manufacturing overhead Fixed selling and ad o tive expenses $18,000 Dance Creations charges 533 for each skin that sells. During the first month of Operation, made 1.600 skirts and sold 1465....
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