Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 2-25 Different Cost Classifications for Different Purposes [L02, L04, L05, L06] Dozier Company produced and sold 1,000 units during its first month of operations.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Problem 2-25 Different Cost Classifications for Different Purposes [L02, L04, L05, L06] Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Item Amount Direct materials $ 76,000 Direct labour 38,500 Variable manufacturing overhead (indirect materials) 17,800 Fixed manufacturing overhead (depreciation, equipment) 30,100 Variable selling expense (commissions) 13,400 Fixed selling expense (sales staff salaries) 20,800 Variable administrative expense (parttime staff, hourly wages) 4,700 Fixed administrative expense (fulltime staff, salaries) 26,400 ' Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost? 2. With respect to cost classifications for assigning costs to cost objects: a. What is the total direct manufacturing cost? b. What is the total indirect manufacturing cost? 3. With respect to cost classifications for manufacturers: a. What is the total manufacturing cost? b. What is the total non-manufacturing cost? c. What is the total conversion cost and prime cost? 4. With respect to cost classifications for predicting cost behaviour: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? 5. If Dozier produced 1,100 units instead of1,000 units, how much incremental manufacturing cost would they incur to make the additional 100 units? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 2. With respect to cost classifications for assigning costs to cost objects: a. What is the total direct manufacturing cost? b. What is the total indirect manufacturing cost? Total direct manufacturing cost - Total indirect manufacturing cost - Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 3. With respect to cost classifications for manufacturers: a. What is the total manufacturing cost? b. What is the total non-manufacturing cost? c. What is the total conversion cost and prime cost? Show less A 3a. Total manufacturing cost 3b. Total non-manufacturing cost 3c. Total conversion cost Total prime cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 4. With respect to cost classifications for predicting cost behaviour: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? (Round your answer to the nearest whole dollar amount.) Show lessA 4a. Total variable manufacturing cost _ 4b. Total xed cost _ Variable cost per unit produced and sold _ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 If Dozier produced 1,100 units instead of 1,000 units, how much incremental manufacturing cost would they incur to make the additional 100 units? Incremental manufacturing cost I l

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

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan

17th Edition

0135628474, 9780135628478

More Books

Students also viewed these Accounting questions

Question

Factors that affect evaporative heat loss.

Answered: 1 week ago