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Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $798. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 25,000 Units sold 22,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 150 Direct labor $ 410 Variable manufacturing overhead $ 60 Variable selling and administrative $ 17 Fixed costs Fixed manufacturing overhead $ 710,000 Pixed selling and administrativo $ 520,000 Required: 1. Assume that the company uses absorption costing Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. ces 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 12 $ 9 $ 2 $ 2 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costa per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead $ 403,000 Fixed selling and administrative $ 313,000 During the year, the company produced 31,000 units and sold 26,000 units. The selling price of the company's product is $55 per unit, Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year, 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2A Reg 28 Compute the unit product cost. Assume that the company uses absorption costing Unit product cost Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $910. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 300 Units sold 270 Units in ending inventory 30 Variable costs per unit: Direct materials $140 Direct labor $ 350 Variable manufacturing overhead $ 35 Variable selling and administrative $ 15 Pixed costs: Fixed manufacturing overhead $ 69,000 Fixed selling and administrative $ 26,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 245,700 cost of goods sold 203,850 Gross margin 41,850 Selling and administrative expense 30,050 Net operating income $ 11,800 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing Complete this question by entering your answers in the tabs below. Required 1 Required 2 Royal Lawncare Company produces and sells two packaged products ---Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit $ 10.00 $ 38.00 Variable expenses per unit $ 2.90 $ 10.00 Traceable fixed expenses per year $ 129,000 $ 36,000 Last year the company produced and sold 37,500 units of Weedban and 19,000 units of Greengrow. Its annual common fixed expenses are $108,000. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Company Weedban Greengrow Raner, Harris and Chan is a consulting firm that specializes in Information systems for medical and dental clinics. The firm has two offices--one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Sales Variable expenses Contribution margin Traceable fixed expenses office segment margin Common fixed expenses not traceable to offices Net operating income Total Company $ 495,000 1001 247,500 500 247,500 508 138,600 288 108,900 22 69,300 145 $ 39,600 BU Office Chicago Minneapolis $ 165,000 1000 $ 330,000 1001 49,500 301 198,000 600 115,500 701 132,000 400 85,800 52 52,800 168 $ 29,700 $ 79,200 240 181 Exercise 7-17 (Algo) Working with a Segmented Income Statement (L07-4) Assume that Minneapolis' sales by major market are: Sales Variable expenses Contribution margin Traceable fixed expenses office segment margin Common fixed expenses not traceable to offices Net operating income Minneapolis $ 330,000 100 198,000 608 132,000 401 36,300 118 95,700 293 16,500 $ 79,200 24 Market Medical Dental $ 220,000 1000 $ 110,000 100 140,800 640 57,200 524 79,200 361 52,800 485 13,200 65 23,100 214 $ 66,000 304 $ 29,700 274 53 The company would like to initiate an intensive advertising campaign in one of the two market segments during the next month. The FAR Trul Ninyt 6 . ats Vulcan Company's contribution format Income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 Sales $ 850,000 Variable expenses 308,000 Contribution margin 542,000 Fixed expenses 490,000 Net operating income $ 52,000 Management is disappointed with the company's performance and is wondering what can be done to improve profits. By examining sales and cost records, you have determined the following: eBook Print edecences a. The company is divided into two sales territoriesNorthern and Southern The Northern Territory recorded $400,000 in sales and $200,000 in variable expenses during June; the remaining sales and variable expenses were recorded in the Southern Territory Fixed expenses of $152.000 and $126,000 are traceable to the Northern and Southern Territories, respectively. The rest of the fixed expenses are common to the two territories b. The company is the exclusive distributor for two products-Paks and Tibs. Sales of Paks and Tibs totaled $180,000 and $220.000. respectively, in the Northern territory during June. Variable expenses are 28% of the selling price for Paks and 68% for Tibs. Cost records show tirat $86,400 of the Northern Territory's fixed expenses are traceable to Paks and $46,200 to Tibs, with the remainder common to the two products. Required: 1-a. Prepare contribution format segmented income statements for the total company broken down between sales territories. 1-6. Prepare contribution format segmented income statements for the Northern Territory broken down by product line. Complete this question by entering your answers in the tabs below. Piedmont Company segments its business into two regions--North and South. The company prepared the contribution format segmented income statement as shown: ts BOOK Sales Variable expenses Contribution margin Traceable fixed expenses Segment margin Common fixed expenses Net operating incotte Total Company $ 675,000 405,000 270,000 150,000 120,000 65,000 $ 55,000 North $ 450,000 315,000 135,000 75,000 $ 60,000 Hint South $ 225,000 90.000 135,000 75,000 $ 60,000 Print ferences Required: 1. Compute the companywide break-even point in dollar sales. 2. Compute the break-even point in dollar sales for the North region 3. Compute the break-even point in dollar sales for the South region (For all requirements, round your intermediate calculations to 2 decimal places. Round your final answers to the nearest dollar.) 1. Dollar sales for company to break-even 2. Dollar sales for North segment to break-even 3. Dollar sales for South segment to break-even