Boat Refit Inc. produces and sells custom parts for powerboats. The company uses a costing system based
Question:
Boat Refit Inc. produces and sells custom parts for powerboats. The company uses a costing system based on actual costs. Selected accounting and production information for fiscal 2016 is as follows:
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Boat Refit had no work in process inventory at either the beginning or the end of fiscal 2016. As well, the company did not have any finished goods inventory at the beginning of the fiscal year.
Instructions
(a) Calculate the units sold in fiscal 2016.
(b) Calculate the total contribution margin under variable costing.
(c) Calculate the gross margin under absorption costing.
(d) Calculate the cost per unit sold under variable costing.
(e) Calculate the cost per unit sold under absorption costing.
Contribution margin is an important element of cost volume profit analysis that managers carry out to assess the maximum number of units that are required to be at the breakeven point. Contribution margin is the profit before fixed cost and taxes...
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a Fixed MOH per unit 600000 2000 units 300 Absorption costing net income 400000 Variable costin...View the full answer
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Related Book For 
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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