Crane Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs.

Variable Costs per Unit
Direct materials		$7.65
Direct labor		$3.52
Variable manufacturing overhead		$5.92
Variable selling and administrative expenses		$3.98
Fixed Costs per Year
Fixed manufacturing overhead		$224,400
Fixed selling and administrative expenses		$214,302

Crane Company sells the fishing lures for $25.50. During 2020, the company sold 79,000 lures and produced 88,000 lures.

Incorrect answer iconYour answer is incorrect.

Assuming the company uses variable costing, calculate Cranes manufacturing cost per unit for 2020. (Round answer to 2 decimal places, e.g. 10.50.)

Manufacturing cost per unit

$

Assuming the company uses absorption costing, calculate Cranes manufacturing cost per unit for 2020. (Round answer to 2 decimal places, e.g. 10.50.)

Manufacturing cost per unit

$

CRANE COMPANY Income Statement For the Year Ended December 31, 2020 Variable Costing Sales Variable Cost of Goods Sold Variable Selling and Administrative Expenses Contribution Margin Fixed Manufacturing Overhead Fixed Selling and Administrative Expenses Net Income/(Loss) CRANE COMPANY Income Statement For the Year Ended December 31, 2020 Absorption Costing A Sales Cost of Goods Sold Gross Profit Fixed Selling and Administrative Expenses Variable Selling and Administrative Expenses Net Income/(Loss)