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Problem (10 points). Breadfruit, Inc. began business last year making decorated platters. The unit costs on a normal costing basis are attached. During the year, the company had the following activity. The actual fixed manufacturing overhead was $10,000 greater than the budgeted fixed manufacturing overhead. Any over- or underapplied manufacturing overhead is closed to cost of goods sold at the end of the year. BREADFRUIT, INC. MANUFACTURING AND SALES ACTIVITY INFORMATION FOR CURRENT YEAR Units produced Units sold Selling price per unit Direct labor hours worked 30,000 27.400 50 60,000 REQUIRED: (1) (2) Compute the unit manufacturing cost that the company should use to value its inventory of finished goods using the following costing methods. (a) Variable costing (b) Absorption costing. Using the attached forms, prepare an income statement for the company using full absorption costing. Show all appropriate calculations. Round all dollar amounts to the nearest whole dollar. Using the attached forms, prepare an income statement for the company using variable costing. Show all appropriate calculations. Round all dollar amounts to the nearest whole dollar. (3) $ 3.00 BREADFRUIT, INC. COST INFORMATION FOR COMPANY USING NORMAL COSTING Manufacturing Costs Per Unit: Direct materials (1.5 lbs. at $2 per lb.) Direct labor (2 hrs. at $9 per hr.) Variable manufacturing overhead (2 hrs. at $2.50 per hr.) Fixed manufacturing overhead (2 hrs. at $3.25 per hr.) Nonmanufacturing Costs: Variable (15% of sales) 18.00 5.00 6.50 230,000 Fixed BREADFRUIT, INC. INCOME STATEMENT-ABSORPTION COSTING FOR CURRENT YEAR Sales Revenue Cost of Goods Sold: Beginning Inventory Cost of Goods Manufactured: Total Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending Inventory Unadjusted Cost of Goods Sold Add (Deduct): Under (Over) applied MOH Adjusted Cost of Goods Sold Gross Profit Operating Expenses: Total Operating Expenses Operating Income BREADFRUIT, INC. INCOME STATEMENT--VARIABLE COSTING FOR CURRENT YEAR Sales Revenue Variable Cost of Goods Sold: Beginning Inventory Variable Cost of Goods Manufactured: Total Variable Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending Inventory Variable Cost of Goods Sold Manufacturing Margin Less Other Variable Costs: Contribution Margin Less Fixed Costs: Total Fixed Costs Operating Income LOG WN L. Mag OG Unit Manufacturing Cost Variable costing Method Absorption Costing method Manufacturing Cost Manufacturing Cont Direct Material S 300 Direct Material $ Direct Labor 5 18.00 Direct Labor $ 18.00 Variable Manufacturing Overhead Total s 5.00 $ 500 Variable Manufacturing Overhead Foxed Manufacturing Overhead s 26.00 5 650 Total $ 32.50 Income statement using Absorption costing method Amountins Sales/27400 501 1,370,000 Less Cost Of Goods Sold 1,106,000 Add: Closing Inventory(30000-25400*2250 117000 Contribution 381.000 Less: Non Manufacturing cost Fixed 230.000 Operating Income 151,000 WN Cost of goods sold Manufacturing Expense (32.50 27400) 890,500 Variable(15% of Sales) 205.500 Add: Adjustment for Under applied feed cost 10,000 1106 000 W.N1 Cost of goods sold Manufacturing Expense (32.50*27400) 890,500 Variable(15% of sales) 205,500 Add: Adjustment for Under applied fixed cost 10,000 1,106,000 Income statement using Variable costing method Sales 1.370,000 Less:Cost of goods sold W.N. 2) 927.900 Add Closing Inventory/30000-26400)*26 93,600 Contribution 535,700 Less: Manufacturing Fixed cost 195.000 Lessi Non Manufacturing cost Fixed 230,000 Operating Income 110,700 Cost Of Goods SoldW.N21 Manufacturing Expenses/27400*26) 712,400 Variable 15% of sales! 205,500 Add: Adjustment for Under applied fixed cost 10.000 Problem (10 points). Breadfruit, Inc. began business last year making decorated platters. The unit costs on a normal costing basis are attached. During the year, the company had the following activity. The actual fixed manufacturing overhead was $10,000 greater than the budgeted fixed manufacturing overhead. Any over- or underapplied manufacturing overhead is closed to cost of goods sold at the end of the year. BREADFRUIT, INC. MANUFACTURING AND SALES ACTIVITY INFORMATION FOR CURRENT YEAR Units produced Units sold Selling price per unit Direct labor hours worked 30,000 27.400 50 60,000 REQUIRED: (1) (2) Compute the unit manufacturing cost that the company should use to value its inventory of finished goods using the following costing methods. (a) Variable costing (b) Absorption costing. Using the attached forms, prepare an income statement for the company using full absorption costing. Show all appropriate calculations. Round all dollar amounts to the nearest whole dollar. Using the attached forms, prepare an income statement for the company using variable costing. Show all appropriate calculations. Round all dollar amounts to the nearest whole dollar. (3) $ 3.00 BREADFRUIT, INC. COST INFORMATION FOR COMPANY USING NORMAL COSTING Manufacturing Costs Per Unit: Direct materials (1.5 lbs. at $2 per lb.) Direct labor (2 hrs. at $9 per hr.) Variable manufacturing overhead (2 hrs. at $2.50 per hr.) Fixed manufacturing overhead (2 hrs. at $3.25 per hr.) Nonmanufacturing Costs: Variable (15% of sales) 18.00 5.00 6.50 230,000 Fixed BREADFRUIT, INC. INCOME STATEMENT-ABSORPTION COSTING FOR CURRENT YEAR Sales Revenue Cost of Goods Sold: Beginning Inventory Cost of Goods Manufactured: Total Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending Inventory Unadjusted Cost of Goods Sold Add (Deduct): Under (Over) applied MOH Adjusted Cost of Goods Sold Gross Profit Operating Expenses: Total Operating Expenses Operating Income BREADFRUIT, INC. INCOME STATEMENT--VARIABLE COSTING FOR CURRENT YEAR Sales Revenue Variable Cost of Goods Sold: Beginning Inventory Variable Cost of Goods Manufactured: Total Variable Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending Inventory Variable Cost of Goods Sold Manufacturing Margin Less Other Variable Costs: Contribution Margin Less Fixed Costs: Total Fixed Costs Operating Income LOG WN L. Mag OG Unit Manufacturing Cost Variable costing Method Absorption Costing method Manufacturing Cost Manufacturing Cont Direct Material S 300 Direct Material $ Direct Labor 5 18.00 Direct Labor $ 18.00 Variable Manufacturing Overhead Total s 5.00 $ 500 Variable Manufacturing Overhead Foxed Manufacturing Overhead s 26.00 5 650 Total $ 32.50 Income statement using Absorption costing method Amountins Sales/27400 501 1,370,000 Less Cost Of Goods Sold 1,106,000 Add: Closing Inventory(30000-25400*2250 117000 Contribution 381.000 Less: Non Manufacturing cost Fixed 230.000 Operating Income 151,000 WN Cost of goods sold Manufacturing Expense (32.50 27400) 890,500 Variable(15% of Sales) 205.500 Add: Adjustment for Under applied feed cost 10,000 1106 000 W.N1 Cost of goods sold Manufacturing Expense (32.50*27400) 890,500 Variable(15% of sales) 205,500 Add: Adjustment for Under applied fixed cost 10,000 1,106,000 Income statement using Variable costing method Sales 1.370,000 Less:Cost of goods sold W.N. 2) 927.900 Add Closing Inventory/30000-26400)*26 93,600 Contribution 535,700 Less: Manufacturing Fixed cost 195.000 Lessi Non Manufacturing cost Fixed 230,000 Operating Income 110,700 Cost Of Goods SoldW.N21 Manufacturing Expenses/27400*26) 712,400 Variable 15% of sales! 205,500 Add: Adjustment for Under applied fixed cost 10.000