D company manufactures and sells a single product. The product sells for $60 per unit. Units produced in July and August was 17,500 units per month and the company sold 15,000 units in July and 20,000 units in August.

Cost data for the product are given:

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Cost data for the product are given: $7 $10 $5 $3 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling & administrative Total Variable cost per unit Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month $25 $315,000 245,000 $560,000 After asking the accounting department, the following absorption costing income statement for two months was prepared: Sales July August $900,000 $1,200,000 600,000 800,000 300,000 400,000 Cost of goods sold Gross margin Selling and administrative expenses Net Operating income 290,000 305,000 $10,000 $95,000 Question 1 Not yet answered Marked out of 1.00 P Flag question 1. Determine the unit product cost under absorption costing. Answer: Question 2 Not yet answered Marked out of 1.00 P Flag question 2. Determine the unit product cost under variable costing. Answer: Question 3 Not yet answered Marked out of 5.00 P Flag question 3. Prepare a contribution format variable costing income statements for July and August. Question 4 Not yet answered Marked out of 1.00 P Flag question July Contribution Magin Answer: Question 5 Not yet answered Marked out of 1.00 P Flag question August Contribution Margin Answer: Question 6 Not yet answered Marked out of 1.00 P Flag question July Net Operating income (loss) Answer: Question 7 Not yet answered Marked out of 1.00 Flag question August Net Operating Income (Loss) Answer: Question 8 Not yet answered Marked out of 5.00 Flag question 4. Reconcile the variable costing and absorption costing net operating incomes. Question 9 Not yet answered Marked out of 1.00 P Flag question Units in ending inventory, July Answer: Question 10 Not yet answered Marked out of 1.00 Flag question Units in ending inventory, August Answer: Question 11 Not yet answered Marked out of 1.00 P Flag question Fixed manufacturing overhead in ending inventory