Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am not sure about following question , what I did wrong, I will attach my solution... Columbia Products produced and sold 1,300 units of

image text in transcribed

image text in transcribed

I am not sure about following question , what I did wrong, I will attach my solution...

image text in transcribed

image text in transcribed

Columbia Products produced and sold 1,300 units of the company's only product in March. You have collected the following information from the accounting records: ed $ 138 Sales price (per unit) Manufacturing costs: Fixed overhead (for the month) Direct labor (per unit) Direct materials (per unit) Variable overhead (per unit) Marketing and administrative costs: Fixed costs (for the month) Variable costs (per unit) 18, 200 9 29 23 19,500 4 Required: a. Compute the following: 1 IS 61 2 IS 93 X 3 $ 27 X 4 $ 65 X 5 Variable manufacturing cost per unit Full cost per unit Variable cost per unit. Full absorption cost per unit. Prime cost per unit. Conversion cost per unit. Profit margin per unit. Contribution margin per unit Gross margin per unit 38 6 $ 46 7 $ 45 X 111 X 8 $ 9 $ 73 X The following data refer to one year for Monroe Fabricators. Fill in the blanks. $ 2,570 4,320 2,630 3,830 2,090 230 Direct materials inventory, January 1 Direct materials inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Purchases of direct materials Cost of goods manufactured during the year Total manufacturing costs Cost of goods sold Gross margin Direct labor 16,220 53,530 55,270 X 55,390 47.940 23,930 14,470 13,870 103,330 Direct materials used Manufacturing overhead Sales revenue [The following information applies to the questions displayed below.] Madrid Corporation has compiled the following information from the accounting $ 610 per unit $ 95,400 $ 104,400 Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) $ $ $ $ 28 170 33 115 1,800 Exercise 2-51 (Algo) Components of Full Costs (LO 2-6) Required: a. Calculate the product costs per unit. b. Calculate the period costs for the period. a Product costs per unit $ 318 X b Period costs $ 250,200 X ol Product cost per unit - Direct Materials + Direct Labor & Manufactur overh. = 170 +33 + 115 = 318 2 B) Period costos = 95,400 + 104,400+(28 x 1,800)- 250,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

3rd Edition

9780078025525, 9780077517359, 77517350, 978-0077398194

More Books

Students also viewed these Accounting questions

Question

=+d. Starwood Hotels e. Roots clothing f. Porsche automobiles

Answered: 1 week ago

Question

What do you think is likely to be Liams problem? Discuss.

Answered: 1 week ago

Question

What laws were passed because of domestic violence?

Answered: 1 week ago