Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $170 each....

Question

Question

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $170 each. Direct materials cost $20

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Manufacturing cost = Direct Materials + Direct Labor + Overhead

= 20+13+(13*200%) = 59

Gross profit margin = (170-59)/170

= 111/170

= 65.3%

Add a comment

Answer 2

Similar Homework Help Questions

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $170 each....

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $170 each. Direct materials cost $25 per unit, and direct labor costs $13 per unit. Manufacturing overhead is applied at a rate of 270% of direct labor cost. Nonmanufacturing costs are $32 per unit. What is the gross profit margin for the cat condos? (Round your intermediate calculations to nearest whole dollar.)
Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $145 each....

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $145 each. Direct materials cost $17 per unit, and direct labor costs $12 per unit. Manufacturing overhead is applied at a rate of 200% of direct labor cost. Nonmanufacturing costs are $35 per unit. What is the gross profit margin for the cat condos? (Round your intermediate calculations to nearest whole dollar.) Multiple Choice
Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $100 each....

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $100 each. Direct materials cost $18 per unit, and direct labor costs $14 per unit. Manufacturing overhead is applied at a rate of 150% of direct labor cost. Nonmanufacturing costs are $36 per unit. What is the gross profit margin for the cat condos? (Round your intermediate calculations to nearest whole dollar) Multiple Choice 11.0% 71.5% 470% 89.0%

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $160 each...

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $160 each Direct materials cost $21 per unit, and direct labor costs $98 per unit Manufacturing overhead is applied at a rate of 150% of direct labor cost. Nonmanufacturing costs are $34 per unit What is the gross profit margin for the cat condos? (found your intermediate calculations to nearest whole della Maple Choice o 375 o о 58 BN O 450 O 6253
Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $90 each....

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $90 each. Direct materials cost $15 per unit, and direct labor costs $10 per unit. Manufacturing overhead is applied at a rate of 200% of direct labor cost. Nonmanufacturing cost per cat condo is $27. What is the total product cost for one cat condo?
11. Kawhi, Inc., which uses a volume-based cost system, produces cat condos, and has a gross...

11. Kawhi, Inc., which uses a volume-based cost system, produces cat condos, and has a gross profit margin of 57%. Direct materials cost $19 per unit, and direct labor costs $15 per unit. Manufacturing overhead is applied at a rate of 174% of direct labor cost. Nonmanufacturing costs are $12 per unit. How much does each cat condo sell for?

Assume Gasol Company has direct labor costs of $1,096, manufacturing overhead costs of $1,457 and prime...

Assume Gasol Company has direct labor costs of $1,096, manufacturing overhead costs of $1,457 and prime costs of $3,242. What is Gasol's direct materials cost? =========== Assume Gasol Company has direct materials cost of $2,661, direct labor costs of $1,018, manufacturing overhead costs of $1,362. What is Gasol's prime cost? ============= Leonard, Inc., which uses a volume-based cost system, produces cat condos that sell for $104 each. Direct materials cost $11 per unit, and direct labor costs $23 per unit....
Please answer all and show your work Assume Gasol Company has direct labor costs of $1,096,...

Please answer all and show your work Assume Gasol Company has direct labor costs of $1,096, manufacturing overhead costs of $1,457 and prime costs of $3,242. What is Gasol's direct materials cost? ------------------------- Assume Gasol Company has direct materials cost of $2,661, direct labor costs of $1,018, manufacturing overhead costs of $1,362. What is Gasol's prime cost? ------------------------ Leonard, Inc., which uses a volume-based cost system, produces cat condos that sell for $104 each. Direct materials cost $11 per unit,...
3 pts D Question 19 Peanut, Inc. produces stuffed animal Snoopy that sells at $180 each....

3 pts D Question 19 Peanut, Inc. produces stuffed animal Snoopy that sells at $180 each. Direct materials cost $30 per unit, and direct labor costs $20 per unit. Manufacturing overhead is applied at a rate of 200% of direct labor cost. Nonmanufacturing costs are $54 per unit. What is the gross profit margin for the stuffed animal Snoopy? 20.0% O 80.0% 0 62.5% 50.0% Question 20 3 pts Which of the following is the best example of a batch-level...

Sherman, Inc. manufactures chainsaws that sell for $78. Each chainsaw uses $18 in direct materials and...

Sherman, Inc. manufactures chainsaws that sell for $78. Each chainsaw uses $18 in direct materials and $7 in direct labor per unit. Sherman has two activities: Machining, which is applied at the rate of $5 per machine hour, and Finishing, which is applied at the rate of $27 per batch. This month, Sherman made 220 chainsaws, using 1.466 machine hours in 30 batches. What is the total manufacturing cost for one chainsaw? (Do not round Intermediate calculations.) Multiple Choice 0...

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $170 each....

Homework Answers