For the year ended December 31, 20x5, Myles Corporation has the following records of its costs: Direct materials used $550495 Direct labour 156277 Variable manufacturing overhead 81782 Fixed manufacturing overhead 132882 Selling and administrative costs (fixed) 113576 Myles produced 129553 units and sold 105952 units at $14 in 20x6. There were no beginning inventories. If Myles uses absorption costing, what is the operating income for the year ended December 31, 20x6? Select one:
a. $591969
b. $616176
c. $571969
d. $448316
Unit product cost
= (550495+156277+81782+132882)/129553
= 7.1124
Net operating income
= (14-7.1124)*105952 - 113576
= 616,176
Option b
For the year ended December 31, 20x5, Myles Corporation has the following records of its costs:...
For the year ended December 31, 20x5, Davis Corporation has the following records of its costs: Direct materials used $559961 Direct labour 166618 Variable manufacturing overhead 77116 Fixed manufacturing overhead 137224 Selling and administrative costs (fixed) 110477 Davis produced 124569 units and sold 99727 units at $13 in 20x6. There were no beginning inventories. If Davis uses variable costing, what is the operating income for the year ended December 31, 20x6? Select one: a. $432696 b. $405331 c. $385331 d....
Axteks Corporation has the following cost records for the year
ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
66 Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 127 Units in beginning inventory 0 Units produced 6,650 Units sold 6,350 Units in ending inventory 300 Variable costs per unit: Direct materials $ 19 Direct labor $ 49 Variable manufacturing overhead $ 13 Variable selling and administrative expense $ 13 Fixed costs: Fixed manufacturing overhead $ 179,550 Fixed selling and administrative expense $ 26,100 What is...
Question 7 xteks Corporation has the following cost records for the year ended December 31, 2020 Indirect factory labour Direct materials used Work in process (1/1/2020) $5,480 253,600 31,000 27,200 35,300 29,100 41,500 Work in process (12/31/2020) Finished goods (1/1/2020) Finished goods (12/31/2020) Factory utilities Depreciation, factory equipment Direct labour 34,400 303,300 Indirect materials Factory manager's salary Selling and administrative expenses Net sales Factory machinery rent 22,600 63,100 341,300 1,243,000 42,900 Prepare a cost of goods manufactured schedule for 2020....
Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 106 Units in beginning inventory 0 Units produced 2,600 Units sold 2,200 Units in ending inventory 400 Variable costs per unit: Direct materials $ 46 Direct labor $ 28 Variable manufacturing overhead $ 2 Variable selling and administrative expense $ 7 Fixed costs: Fixed manufacturing overhead $ 33,800 Fixed selling and administrative expense $ 8,800 1. The total...
Rainbow Concrete Corporation has provided the following data for its two most recent years of operation: Selling price per unit $88 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable selling and administrative expense per unit sold Fixed selling and administrative expense per year 360,000 74,000 Year 1 Units in beginning inventory Units produced during the year Units sold during the year Units in...
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $110 per unit. Manufacturing costs Direct materials per unit $ 42 Direct labor per unit $ 16 Variable overhead per unit $ 5 Fixed overhead for the year $ 378,000 Selling and administrative costs Variable selling and administrative cost per unit $ 11 Fixed selling and...
Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 98 Units in beginning inventory Units produced Units sold Units in ending inventory 3,400 2,990 410 $ $ 21 38 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 4 $44,600 $ 2,800 "he total contribution margin for the month under...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015. Dec. 31 $24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 12,000 140,000 expenses Overhead is assigned to production at $192,000. NuTronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31, 2015 Manufacturing costs assigned to production Total manufacturing costs...
Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 141 Units in beginning inventory Units produced Units sold Units in ending inventory 2,500 2,080 420 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 40 31 7 ta ta ta ta $50,000 $18,720 The total gross margin for the month...