Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer questions 1 through 7 ! thank you so much! Problem 1-22 (Algo) Cost Terminology; Contribution Format Income Statement [LO1-2, LO1-4, LO1-6] Miyer company's
please answer questions 1 through 7 ! thank you so much!
Problem 1-22 (Algo) Cost Terminology; Contribution Format Income Statement [LO1-2, LO1-4, LO1-6] Miyer company's total sabes are $240,000. The company's direct labor cost is $28,800, Which represents 3086 of its totat conversion cost and 408 ofits totai prime cost its total selling and administative expense is $36.000 and its anly variable selling and admintrative expense is a sales commission of 5% of sales. The company maintoins no beginining or ending inventorles and its manufacturing oyemead costs are entirely fixed costs. Required: 1. What is the total manufacturing overhead cost? 2. What is the total ditect materiais cost? 3. What is the totol manufacturing cost? 4. Whot is the total voriable selling and administrative cost? 5. What is the total variabie cost? 6. What is the total tixed cost? 7. What is the total contribution margin? administrative expense is a sales commission of 5% of sales. Theicompany maintains no beginning or ending inven manufacturing overhead costs are entirely fixed costs. Required: 1. What is the total manufacturing overhead cost? 2. What 5 the total direct materials cost? 3. What is the total manufacturing cost? 4. What is the total variable selling and administrative cost? 5. What is the total variable cost? 6. What is the total fixed cost? 7. What is the total contribution margin? Problem 1-22 (Algo) Cost Terminology; Contribution Format Income Statement [LO1-2, LO1-4, LO1-6] Milier Company's total sales are $240,000. The companys direct iabor cost is $28.800, which represents 30% of its total conversian cost and 40% of its total prime cost. Its total selling and administratve expense is $36.000 und is only vatiabie selling and administrative expense is a sales commission of 59 of sales. The company maintains no beginaing or ending inventories and its manufacturing overhead costs are entirely fixed costs: Required: 1. What is the tota manufacturing overhead cost? 2. What is the totai direct materials cost? 3. What is the totai manufacturing cost? 4. What is the total variabie selling and administrative cost? 5. What is the total variable cost? 6. What is the total fixed cost? 7. What is the total contribution margin Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started