Use the following data to answer the question 2012 2013 2014 Unit Data Beginning Inventory...
Use the following data to answer the question
| 2012 | 2013 | 2014 | |
| Unit Data | |||
| Beginning Inventory | 0 | ? | ? |
| Production | 1000 | 800 | 1250 |
| Sales | 700 | 800 | 1500 |
| variable costs | |||
| manufacturing cost per unit produced | $900 | $900 | $900 |
| marketing cost per unit sold produced | $600 | $600 | $600 |
| Fixed costs | |||
| Manufacturing costs | $450,000 | $450,000 | $450,000 |
| Marketing costs | $140,000 | $140,000 | $140,000 |
Using absorption costing, what is the operating income in 2012 is the selling price is $3000?
Homework Answers
Solution:
| Operating income in 2012 | ||
| Sales (700*$3000) | $21,00,000 | |
| Less: Cost of Goods sold: | ||
| Variable Manufacturing costs(700*$900) | $6,30,000 | |
| Fixed manufacturing costs (450000/1000*700) | $3,15,000 | $9,45,000 |
| Gross Profit | $11,55,000 | |
| Less: Selling and Administrative costs: | ||
| Variable marketing cost (700*$600) | $4,20,000 | |
| Fixed marketing costs | $1,40,000 | $5,60,000 |
| Operating income in 2012 | $5,95,000 | |
Add Answer to:
Use the following data to answer the question
2012
2013
2014
Unit Data
Beginning Inventory...
with this question, I guessed but i don't know where it comes from 2012 2013 2014...
with this question, I guessed
but i don't know where it comes from
2012 2013 2014 Unit Data Beginning Inventory 0 ? ? Production 800 700 80 Sales 200 800 40 variable costs manufacturing cost per unit produced $900 $900 $900 marketing cost per unit sold produced $600 $600 $600 Fixed costs Manufacturing costs $450,000 $450,000 $450,000 Marketing costs $140,000 $140,000 $140,000 Using variable or direct costing, how much inventoriable cost is assigned to each unit produced in 2012? Correct!...
Newman, Inc. has collected the following data for November (there are no beginning inventories) (Click the...
Newman, Inc. has collected the following data for November (there are no beginning inventories) (Click the icon to view the data.) Read the requirements: Requirement 1. Using absorption costing calculate the unit product cost. (Round your final answer to the nearest cent) Data Table Absorption costing Unit product cast Requirement 2. Prepare an income statement using the traditional format Newman, Inc. Income Statement (Absorption Costing) For the Month Ended November 30 Units produced and sold 700 units Sales price Direct...
Data Table סבtelr - OT aata 100 0 Beginning inventory 600 700 Production 660 600 Sales Variable costs: 9,500 $...
Data Table סבtelr - OT aata 100 0 Beginning inventory 600 700 Production 660 600 Sales Variable costs: 9,500 $ 9,500 Manufacturing cost per unit produced 3,800 3,800 Operating (marketing) cost per unit sold Fixed costs: $2,100,000 $ 2,100,000 Manufacturing costs Operating (marketing) costs 550,000 550,000 The selling price per vehicle is $27,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 700 units. There are no price, efficiency, or spending variances. Any...
The following data pertain to one month's operations of Whitney, Inc.: Units in Beginning Inventory -...
The following data pertain to one month's operations of Whitney, Inc.: Units in Beginning Inventory - 0, Units Produced - 9,000, Units Sold - 8,000. VARIABLE COST PER UNIT: -- Manufacturing - $10, Selling and Administrative - $6. FIXED COSTS IN TOTAL: -- Manufacturing - $18,000, Selling and Administrative - $27,000. For the month noted, what was the relationship between the operating income under variable costing as opposed to under absorption costing? A) Higher than operating income under absorption costing....
2) Peoria Company assembled the following data: Units in beginning inventory Units produced Units solod 5,000...
2) Peoria Company assembled the following data: Units in beginning inventory Units produced Units solod 5,000 4,500 $25 per unit $10 per unit Sales price Variable costs: Production Selling and administrative $4 per unit Fixed costs: Production Selling and administrative $15,000 $10,000 Calculate the following: a. Absorption costing product cost (cost per unit) b. Variable costing net income c. Absorption Costing Net Income
Accelerate Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April...
Accelerate Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows: E: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 600 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it...
Fringe factory produces fun keychains and has reported the following data for August. Beginning inventory 0...
Fringe factory produces fun keychains and has reported the following data for August. Beginning inventory 0 Units produced 105,000 Units sold 95,000 Selling price per unit $8 Variable manufacturing cost $1.40 Variable non-manufacturing cost $1.25 Fixed manufacturing cost $210,000 Fixed non-manufacturing cost $70,000 Absorption Costing Net Income $248,250 1) What is the product cost per unit using absorption costing? 2) What is the value of ending inventory using absorption costing? 3) What is the product cost per unit using variable...
1 and 3 please Quarryman Corporation Case Part I: Quarryman Corporation manufactures and sells 50-inch television sets...
1 and 3 please
Quarryman Corporation Case Part I: Quarryman Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual date relating to January, February, and March 2019 are as follows: January February March Unit data Beginning Inventory 0 100 100 Production 1,425 1,425 1,560 1,550 1,500 Sales 1,400 Variable Costs: Manufacturing Cost per unit produced Marketing cost per unit $1,000 $1,000 $1,000 $700 $700 $700 sold Fixed Costs: Manufacturing Costs Marketing Costs $525,000 $525,000 $140,000 $525,000 $140,000...
During the most recent year, Osterman Company had the following data: Units in beginning inventory Units...
During the most recent year, Osterman Company had the following data: Units in beginning inventory Units produced 10,000 Units sold ($47 per unit) 9,300 Variable costs per unit: Direct materials Direct labor Variable overhead Fixed costs: Fixed overhead per unit produced Fixed selling and administrative $138,000 Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Enter amounts as positive numbers. Osterman Company Income Statement under Absorption Costing For the Most...
The following cost and revenue data relate to a company's first month of operations. Beginning inventory...
The following cost and revenue data relate to a company's first month of operations. Beginning inventory Units produced 43,000 38,ee0 Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) $ 78 $ $565,000 $ $ 15 $ 1 $ 731,000 Required: 1. Assume that the company uses absorption costing....
with this question, I guessed
but i don't know where it comes from
2012 2013 2014 Unit Data Beginning Inventory 0 ? ? Production 800 700 80 Sales 200 800 40 variable costs manufacturing cost per unit produced $900 $900 $900 marketing cost per unit sold produced $600 $600 $600 Fixed costs Manufacturing costs $450,000 $450,000 $450,000 Marketing costs $140,000 $140,000 $140,000 Using variable or direct costing, how much inventoriable cost is assigned to each unit produced in 2012? Correct!...
Newman, Inc. has collected the following data for November (there are no beginning inventories) (Click the icon to view the data.) Read the requirements: Requirement 1. Using absorption costing calculate the unit product cost. (Round your final answer to the nearest cent) Data Table Absorption costing Unit product cast Requirement 2. Prepare an income statement using the traditional format Newman, Inc. Income Statement (Absorption Costing) For the Month Ended November 30 Units produced and sold 700 units Sales price Direct...
Data Table סבtelr - OT aata 100 0 Beginning inventory 600 700 Production 660 600 Sales Variable costs: 9,500 $ 9,500 Manufacturing cost per unit produced 3,800 3,800 Operating (marketing) cost per unit sold Fixed costs: $2,100,000 $ 2,100,000 Manufacturing costs Operating (marketing) costs 550,000 550,000 The selling price per vehicle is $27,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 700 units. There are no price, efficiency, or spending variances. Any...
The following data pertain to one month's operations of Whitney, Inc.: Units in Beginning Inventory - 0, Units Produced - 9,000, Units Sold - 8,000. VARIABLE COST PER UNIT: -- Manufacturing - $10, Selling and Administrative - $6. FIXED COSTS IN TOTAL: -- Manufacturing - $18,000, Selling and Administrative - $27,000. For the month noted, what was the relationship between the operating income under variable costing as opposed to under absorption costing? A) Higher than operating income under absorption costing....
2) Peoria Company assembled the following data: Units in beginning inventory Units produced Units solod 5,000 4,500 $25 per unit $10 per unit Sales price Variable costs: Production Selling and administrative $4 per unit Fixed costs: Production Selling and administrative $15,000 $10,000 Calculate the following: a. Absorption costing product cost (cost per unit) b. Variable costing net income c. Absorption Costing Net Income
Accelerate Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows: E: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 600 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it...
1 and 3 please
Quarryman Corporation Case Part I: Quarryman Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual date relating to January, February, and March 2019 are as follows: January February March Unit data Beginning Inventory 0 100 100 Production 1,425 1,425 1,560 1,550 1,500 Sales 1,400 Variable Costs: Manufacturing Cost per unit produced Marketing cost per unit $1,000 $1,000 $1,000 $700 $700 $700 sold Fixed Costs: Manufacturing Costs Marketing Costs $525,000 $525,000 $140,000 $525,000 $140,000...
During the most recent year, Osterman Company had the following data: Units in beginning inventory Units produced 10,000 Units sold ($47 per unit) 9,300 Variable costs per unit: Direct materials Direct labor Variable overhead Fixed costs: Fixed overhead per unit produced Fixed selling and administrative $138,000 Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Enter amounts as positive numbers. Osterman Company Income Statement under Absorption Costing For the Most...
The following cost and revenue data relate to a company's first month of operations. Beginning inventory Units produced 43,000 38,ee0 Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) $ 78 $ $565,000 $ $ 15 $ 1 $ 731,000 Required: 1. Assume that the company uses absorption costing....
Most questions answered within 3 hours.
-
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 33 minutes ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 31 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 32 minutes ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 51 minutes ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 1 hour ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 59 minutes ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 1 hour ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 1 hour ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 1 hour ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 1 hour ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 1 hour ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 2 hours ago