Homework Answers
Answer 1.
Unit Product Cost = Direct Materials + Direct Labor + Variable
Overhead + Fixed Overhead
Unit Product Cost = $9.95 + $2.75 + $1.65 + $2.50
Unit Product Cost = $16.85
Answer 2.
Unit Product Cost = Direct Materials + Direct Labor + Variable
Overhead
Unit Product Cost = $9.95 + $2.75 + $1.65
Unit Product Cost = $14.35
Answer 3.
Sales = Selling Price per unit * Units Sold
Sales = $32.00 * 28,700
Sales = $918,400
Cost of Goods Sold = Unit Product Cost * Units Sold
Cost of Goods Sold = $16.85 * 28,700
Cost of Goods Sold = $483,595
Variable Selling Expenses = Unit Selling Expense * Units
Sold
Variable Selling Expenses = $2.00 * 28,700
Variable Selling Expenses = $57,400
Operating Income = Sales - Cost of Goods Sold - Variable Selling
Expenses - Fixed Selling Expense - Fixed Administrative
Expense
Operating Income = $918,400 - $483,595 - $57,400 - $65,500 -
$231,000
Operating Income = $80,905
Answer 4.
Sales = Selling Price per unit * Units Sold
Sales = $32.00 * 28,700
Sales = $918,400
Fixed Overhead = Unit Fixed Overhead * Units Produced
Fixed Overhead = $2.50 * 30,000
Fixed Overhead = $75,000
Variable Cost of Goods Sold = Unit Product Cost * Units
Sold
Variable Cost of Goods Sold = $14.35 * 28,700
Variable Cost of Goods Sold = $411,845
Variable Selling Expenses = Unit Selling Expense * Units
Sold
Variable Selling Expenses = $2.00 * 28,700
Variable Selling Expenses = $57,400
Operating Income = Sales - Variable Cost of Goods Sold -
Variable Selling Expenses - Fixed Overhead - Fixed Selling Expense
- Fixed Administrative Expense
Operating Income = $918,400 - $411,845 - $57,400 - $75,000 -
$65,500 - $231,000
Operating Income = $77,655
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Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units ata price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and...
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Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc, assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials $1,218,000 Direct labor 522,000 Variable factory overhead 87,000 Fixed factory overhead 130,500 1,957,500 Selling and administrative expenses: Variable selling and administrative expenses $60,000 Fixed selling and administrative expenses 25,000 85,000a....
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Complete Absorption Costing vs. Variable Costing Income
statements for Randeris Company, Year 1 & Year 2.
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Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units ata price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and...
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