Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pattison Products, Inc., began operations in October and manufactured 51,000 units during the month with the following unit costs: Direct materials 57.00 Direct labor 5.00

image text in transcribed
image text in transcribed
Pattison Products, Inc., began operations in October and manufactured 51,000 units during the month with the following unit costs: Direct materials 57.00 Direct labor 5.00 Variable overhead 250 Foxed overhead 9.00 Variable marketing cost 2:20 Fixed overhead per unit $459.000 / 51,000 units produced $9 Totale factory overheads $459,000 per month. During October, 49,000 units were sold at a price of 532.00, and fixed marketing and administrative expenses were $120,400 Required: 1. Calculate the cost of each unit using absorption conting. Round your final to the nearest cent Der uit 2. How many units remain in ending inventory? Units What is the cost of ending inventory using absorption costing? 3. Prepare an absorption costing income statement for Patti Products, Inc. for the month of October Pattison Products, Inc units What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October Pattison Products, Inc. Absorption-Costing Income Statement For the Month of October Gross profit Less Operating income 4. What if November production was 51,000 units, costs were stable, and sales were 52,000 units? What is the cost of ending inventory? What is operating income for November

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

Step: 3

blur-text-image

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

Management Accounting A Business Planning Approach

Authors: Noah P. Barsky, Jr. Anthony H. Catanach

2nd Edition

1516506286, 978-1516506286

More Books

Students also viewed these Accounting questions

Question

OUTCOME 6 Explain and give examples of diversity management.

Answered: 1 week ago