Required information The Foundational 15 (Algo) [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5, LO1-6] [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost Per Unit Direct materials Direct labor Variable manufacturing overhead $7.00 $4.50 $1.40 Fixed manufacturing overhead $4.00 Fixed selling expense $4.00 Fixed administrative expense $2.10 Sales commissions $1.10 Variable administrative expense $0.55 Foundational 1-1 (Algo) Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units? (Do not round Intermediate calculations.) Total product cost 5. If 8,000 units are produced and sold, what is the total amount of variable costs related to the units produced and sold? (Do not round intermediate calculations.) Total variable cost 6. If 12,500 units are produced and sold, what is the total amount of variable costs related to the units produced and sold? (Do not round intermediate calculations.) Total variable cost 7. If 8,000 units are produced, what is the average fixed manufacturing cost per unit produced? Average fixed manufacturing cost per unit 8. If 12,500 units are produced, what is the average fixed manufacturing cost per unit produced? (Round your answer to 2 decimal places.) Average fixed manufacturing cost per unit 9. If 8,000 units are produced, what is the total amount of fixed manufacturing cost incurred to support this leve Total fixed manufacturing cost 10. If 12,500 units are produced, what is the total amount of fixed manufacturing cost incurred to support this level of production? Total fixed manufacturing cost 11. If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost Manufacturing overhead per unit 12. If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost Manufacturing overhead per unit 13. If the selling price is $23.00 per unit, what is the contribution margin per unit? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Contribution margin per unit 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) Total direct manufacturing cost Total indirect manufacturing cost 15. What incremental manufacturing cost will Martinez incur if it increases production from 10,000 to 10,001 units? (Round your answer to 2 decimal places.) Incremental cost per unit produced Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $1,507 per unit and then sells them to retail customers for an average price of $3,000 each. The company's selling and administrative costs for a typical month are presented below: Costa Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $941 per month $4,793 per month, plus 6% of sales $61 per piano sold $669 per month $4,942 per month $13,466 per month $709 per month $2,491 per month, plus $44 per piano sold $908 per month During August, Marwick's Pianos, Inc., sold and delivered 58 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down. through contribution margin. Complete this question by entering your answers in the tabs below