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Problem 1-24 Different Cost Classifications for Different Purposes [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5] Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $ 82,000 $ 41,500 Direct materials Direct labor $ 20,200 31,900 Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense $52,100 $ 14,600 23,200 $ 37,800 $ 5,300 Fixed administrative expense 27,600 Total administrative expense $ 32,900 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost? 2. With respect to cost classifications for assigning costs to cost objects: a. What is total direct manufacturing cost? b. What is the total indirect manufacturing cost? 3. With respect to cost classifications for manufacturers: a. What is the total manufacturing cost? b. What is the total nonmanufacturing cost? c. What is the total conversion cost and prime cost? 4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would have incurred to make the additional unit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? (Round your answer to the nearest whole dollar amount.) ncremental cost per unit produced 5а.

Answer 1

1a) 3b) 4c) Direct materials Direct labor Total manufacturing overhead Total product cost 82,000 41,500 52,100 175,600 Total selling expense Total administrative expense Total nonmanufacturing cost 37,800 32,900 70,700 Direct materials Direct labor Total variable manufacturing overhead Variable selling expense Variable administrative expense Total variable cost (a) Number of units produced and sold (b) Variable cost per unit produced and sold (a) = (b) 82,000 41,500 20,200 14,600 5,300 1b). Total selling expense Total administrative expense Total period cost 37,800 32,900 70,700 3c) Direct labor Total manufacturing overhead Total conversion cost 41,500 52,100 93,600 163,600 1,000 163.60 2a) 3c) Direct materials Direct labor Total direct manufacturing cost 82,000 41,500 123,500 Direct materials Direct labor Total prime cost 82,000 41,500 123,500 5a) Direct materials Direct labor Variable manufacturing overhead Total incremental cost (a) Number of units produced and sold (b) Incremental cost per unit produced (a) = (b) 82,000 41,500 20,200 143,700 1,000 143.7 2b) Variable manufacturing overhead | 20,200 Fixed manufacturing overhead 31,900 Total indirect manufacturing cost 52,100 4a) Direct materials Direct labor Variable manufacturing overhead Total variable manufacturing cost 82,000 41,500 20,200 143,700 3a Direct materials Direct labor Total manufacturing overhead Total manufacturing cost 82,000 41,500 52,100 175,600 4b) Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Total fixed cost 31,900 23,200 27,600 | 82,700 Sheet385 Sheet386 Sheet387 Sheet388 Sheet389 Sheet390 Sheet391 Sheet392 Sheet3932 ENG 17:49 UK 29/11/2019