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Chapter 6 15e Note: Use your text and provided resourc See Problem details beginning Instructions: Complete worksheet, do not respond to questions unless instructed to do so. Everything in this worksheet the end of the chapter in the assigned text. Enter a formula into each of the shaded cells below Exercise 6-1: 1, and 2 (p. 262-263) See data provided on p. 262 1. Under absorption costing, all manufacturing costs (variable and fixed) are included in product costs. Direct materials Rp100 Direct labor $ 320 Variable manufacturing overhead $ 40.00 Fixed manufacturing overhead $ 240 Correct Absorption costing unit product cost $ 700 Correct 2. Under variable costing, only the variable manufacturing costs are included in product costs. Direct materials Direct labor Variable manufacturing overhead Variable costing unit product cost $ $ $ $ 100 320 40.00 Correct 460 Correct Note that selling and administrative expenses are not treated as product costs under either absorption or variable costing. These expenses are always treated as period costs and are charged against the current period's revenue. Chapter 6: Applying Excel p. 259 Provided Data Selling price per unit Manufacturing costs: Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable per unit sold Fixed per year $ 50.00 $ $ $ $ 11.00 6.00 3.00 120,000 $ $ 4.00 70,000 Year 1 Units in beginning inventory Units produced during the year Units sold during the year 0 10,000 8,000 Year 2 6,000 8,000 Enter a formula into each of the shaded cells below Review Exercise 6-1: Contrasting Variable and Absorption Costing NOTE: Compute the requested information below which does not match the "Required" list in the text Compute the Ending Inventory Year 1 Units in beginning inventory Units produced during the year Units sold during the year Units in ending inventory Year 2 10,000 8,000 Year 1 Year 2 Incorrect 6,000 8,000 Incorrect Compute the Variable Costing Unit Product Cost Direct materials Direct labor Variable manufacturing overhead Variable costing unit product cost $ $ Year 1 11.00 6.00 $ $ Year 2 Year 1 11.00 6.00 Year 2 Incorrect Incorrect Compute the Absorption Costing Unit Product Cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Absorption costing unit product cost Year 1 $ 11.00 $ 6.00 $ 3.00 Year 2 Year 1 $ 11.00 $ 6.00 $ 3.00 Incorrect Incorrect Construct the Absorption Costing Income Statement Year 1 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Year 2 Year 2 Incorrect Incorrect Year 1 Incorrect Incorrect Incorrect Incorrect Incorrect Year 2 Incorrect Incorrect Incorrect Incorrect Incorrect Construct the Variable Costing Income Statement Year 1 Year 2 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income Exercise 6-2: 1, and 2 (p. 263) 1. 25 units in ending inventory $240 per unit fixed manufacturing overhead per unit = $6,000 2. The variable costing income statement appears below: Sales Variable expenses: Variable cost of goods sold Incorrect Variable selling and administrative expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income Incorrect Incorrect Incorrect The difference in net operating income between variable and absorption costing can be explained by the deferral of fixed manufacturing overhead cost in inventory that has taken place under the absorption costing approach. Note from part (1) that $6,000 of fixed manufacturing overhead cost has been deferred in inventory to the next period. Thus, net operating income under the absorption costing approach is $6,000 higher than it is under variable costing. Exercise 6-3: 1 only (p. 263) 1. Year 1 200 170 Year 2 170 180 Year 3 180 220 Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect $ 1,080,400 $ 1,032,400 Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Beginning inventories Ending inventories Change in inventories Fixed manufacturing overhead in beginning inventories Fixed manufacturing overhead in ending inventories Fixed manufacturing overhead deferred in (released from) inventories Variable costing net operating income Add (deduct) fixed manufacturing overhead cost deferred in (released from) inventory under absorption costing Absorption costing net operating income $ 996,400 Exercise 6-4: (p. 263) Product Sales Weedban: Greengrow: *Total Sales Units Sold Price per Unit 15,000 $ 6.00 28,000 $ 7.50 Incorrect Variable Expenses Weedban: Greengrow: **Total Variable Expenses 15,000 28,000 $ $ 2.40 5.25 Incorrect Total Company Sales* Variable expenses** Contribution margin Traceable fixed expenses Product line segment margin Total Sales $ $ Weedban - $ $ - Greengrow $ $ Incorrect Incorrect $ - $ - $ - Common fixed expenses not traceable to products Net operating income Incorrect Incorrect Exercise 6-5: 1, 2, and 3 (p. 264) 1. The companywide break-even point is computed as follows: Traceable fixed expenses Common fixed expenses Overall CM ratio Dollar sales for company to break even Incorrect 2. The break-even point for the North region is computed as follows: Segment traceable fixed expenses Segment CM ratio Dollar sales for a segment to break even Incorrect 3. The break-even point for the South region is computed as follows: Segment traceable fixed expenses Segment CM ratio Dollar sales for a segment to break even Incorrect Exercise 6-9: 1, 2, and 3 (p. 265) 1a. Under variable costing, only the variable manufacincluded in product costs. Year 1 Year 2 Direct materials Direct labor Variable manufacturing overhead Variable costing unit product cost Incorrect Incorrect 1b. Year 1 Year 2 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative Total variable expenses Contribution margin Fixed expenses: Incorrect Incorrect Fixed manufacturing overhead Fixed selling and administrative Total fixed expenses Net operating income (loss) Incorrect Incorrect 2a. The unit product costs under absorption costing: Year 1 Year 2 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Absorption costing unit product cost Incorrect Incorrect 2b. The absorption costing income statements appears below: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Incorrect Incorrect 3. The net operating incomes are reconciled as follows: Year 1 Year 2 Units in beginning inventory Units produced Units sold Units in ending inventory - CM ratio = Incorrect Year 1 Year 2 Incorrect Year 1 Incorrect Year 2 Incorrect Incorrect Fixed manufacturing overhead in ending inventory Fixed manufacturing overhead in beginning inventory Manufacturing overhead deferred in (released from) inventory = Unit contribution Unit selling p $3 = 0.20 $15 Variable costing net operating income Add: Fixed manufacturing overhead cost deferred in inventory under absorption costing Deduct: Fixed manufacturing overhead cost released from inventory under absorption costing Absorption costing net operating income Attention: Tests (and/or quizzes) in Managerial Finance WILL NOT include the CORRECT / INCORRECT indicators. Therefore, your goal should not be to merely arrive a solution that moves the indictor from INCORRRECT to CORRECT but to know how you arrived at the correct solution. The End = overhad teEstimaedotlamuntofhealoctinbase ext and provided resources! tails beginning page 259 ything in this worksheet relates directly to Problems and Exercises at Year 1 Year 2 Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect $80, = =160% $50, directmarilscot Unit contribution margin Unit selling price $3 = 0.20 $15 ORRECT indicators. RRRECT to CORRECT