Saved Help 21 A corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory Units produced 0 Units sold 34,000 25, 900 30 Selling price per unit 5 482 points Selling and administrative expenses: Variable per unit 16 Fixed per year $362, 600 02:06:37 Manufacturing costs: Direct materials cost per unit 240 Direct labor cost per unit S 56 Variable manufacturing overhead cost per unit S 34 Fixed manufacturing overhead per year $578 , 000 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Required A Required BF Required C Prepare an income statement for the year using variable costing. There may be an extra row under variable and fixed costs. Variable Costing Income Statement Variable expenses: Mc Graw Hill MacBook Pro C Q Search Default Search esc @ # S$Exam Sp.. Served Help 21 A corporation produces and sells a single product. The following date refer to the year just completed Beginning inventory Units produced Units sold 34,000 25, 960 30 Selling price per unit S 482 points Selling and administrative expenses: Variable per unit S 16 Fixed per year $362, 660 802:06-40 Manufacturing costs: Direct materials cost per unit Direct labor cost per unit 56 Variable manufacturing overhead cost per unit S 34 Fixed manufacturing overhead per year $573,060 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare an income statement for the year using absorption costing. Absorption Costing Income Statement Mc Graw Hill MacBook Pro Q Search Default Search esc C @ #Inal Exam Sp... Saved Help Save & Exn 21 A corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory Units produced Units sold 34, 000 selling price per unit 25,900 30 482 points Selling and administrative expenses: Variable per unit Fixed per year $ 16 02:06:43 Manufacturing costs: $362 , 600 Direct materials cost per unit 240 Direct labor cost per unit S 56 Variable manufacturing overhead cost per unit 34 Fixed manufacturing overhead per year $578, 000 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the unit product cost under both the absorption costing and variable costing approaches. Cost Per Unit Absorption costing Variable costing Required A Required B > Mc Graw Hill MacBook Pro Q Search Default Search C esc # @al Exam Sp... Save 22 A company distributes a single product, a woven basket whose selling price is $21 per unit and whose variable expense is $17 per unit The company's monthly fixed expense is $8,400. Required: 1. Calculate the company's break-even point in unit sales. 18 2. Calculate the company's break-even point in dollar sales. (Do not round intermediate calculations.) points 02:06:34 1. Break-even point in unit sales baskets 2. Break-even point in dollar sales Mc Graw Hill MacBook Pro Q Search Default Search esc C @ #nnect Final Exam Sp... Saved Help Save & Exit 20 A company manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,275,000 in manufacturing overhead cost at an activity level of 570,000 machine-hours. The company spent the entire month of January working on a large order for 12,700 custom-made machined parts. The company had 25 no work in process at the beginning of January. Cost data relating to January follow: points a. Raw materials purchased on account, $310,000. 02:06:5 b. Raw materials used in production, $271,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $153,000 (one-third direct labor and two-thirds indirect labor). d. Other manufacturing overhead costs incurred on account, $85,200. Required: Prepare journal entries to record items (a) through (d). Complete the question by entering your answers in the tabs below. Required 1 Prepare journal entries to record items (a) through (f) above [ignore item (9) for the moment]. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 3 Raw materials purchased on account, $310,000. Mc Graw Hill MacBook Pro Q Search Default Search C esc @ #Proctorio Connect Final Exam Sp... SavDO Help Save & 24 Bonus Question (not required) What is the primary purpose of this course? Include the 3 pillars of managerial accounting in your answer. 02:06:25 Essay Toolbar navigation B IUSEZE Mc Graw MacBook Pro Q Search Default Search C escProctoring Enabled: Proctorio Connect Final Exam Sp... Saved Help Save & Exit 23 Delta Company produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 103,200 units per year is: 25 Direct materials $ 2.50 points Direct labor $ 3.00 02:06:30 Variable manufacturing overhead $ 1.00 Fixed manufacturing overhead $ 5.15 Variable selling and administrative expenses $1.40 Fixed selling and administrative $ 2.00 expenses The normal selling price is $18 per unit. The company's capacity is 129,600 unit per year. An order has been received from a mail-order house for 2,200 unit. at a special price of $15.00 per unit. This order would not affect regular sales. Required: 1. If the order is accepted, by how much will annual profits be increased or decreased? (The order will not change the company's total fixed costs.) Annual profits would by Mc Graw Hill MacBook Pro Q Search Default Sea C esc