2. (9 points) V Inc. manufactures a product with a selling price of $60 per unit....
2. (9 points) V Inc. manufactures a product with a selling price of $60 per unit. Direct Materials costs $12 per unit. Direct Labor costs $11 per unit. Variable Manufacturing Overhead costs $6 per unit. Fixed Manufacturing Overhead costs $34,000 per month. Variable Selling and Administrative Costs $5 per unit. Fixed Selling and Administrative costs $17,000.
b) Complete the month’s Financial Statement Income Statement Budget for V Inc., assuming that they plan to sell 11,000 units of product. Total Sales Cost of Goods sold Gross Margin Selling and Administrative Costs Operating income
| Total | |
| Sales | |
| Cost of Goods Sold | |
| Gross Margin | |
| Selling and Administrative Costs | |
| Operating Income |
Homework Answers
SOLUTION
| Total | |
| Sales | $ 660,000.00 |
| Cost of Goods Sold | $ 353,000.00 |
| Gross Margin | $ 307,000.00 |
| Selling and Administrative Costs | $ 72,000.00 |
| Operating Income | $ 235,000.00 |
Working
| Cost of Goods Sold | ((11+12+6) x 11000)+34000 |
| Selling and Administrative Costs | (11000*5)+17000 |
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