Sheridan Company builds custom fishing lures for sporting goods stores. In its first year of operations, $2022,$ the company incurred the

following costs.

Fixed Costs per Year

Fixed manufacturing overhead $$323,000$

Fixed selling and administrative expenses $$285,736$

Sheridan Company sells the fishing lures for $$34\mathrm{.}00.$ During $2022,$ the company sold $81,000$ lures and produced $95,000$ lures.

$($a$)$

Your answer is correct.

Assuming the company uses variable costing. calculate Sheridan's manufacturing cost per unit for $2022.($Round answer to $2$

decimal places, e$.$g$.10\mathrm{.}50.)$

Manufacturing cost per unit $

eTextbook and Media

$($b$)$

Prepare a variable costing income statement for $2022.($Enter negative amounts using either a negative sign preceding the number eg$.$

$-45$ or parentheses e$.$g$.(45).)$

SHERIDAN COMPANY Income Statement

For the Year Ended December $31,2022$

Variable Costing

Variable Selling and Administrative Expenses v

$

$

Contribution Margin

Fixed Manufacturing Overhead

Fixed Selling and Administrative Expenses

$285,736$

$608,736$

i

$($c$)$

Assuming the company uses absorption costing, calculate Sheridan's manufacturing cost per unit for $2022.($Round answer to $2$ decimal places, e$.$g$.10\mathrm{.}50.)$

Manufacturing cost per unit

$

eTextbook and Media

Save for Later

Attempts: $0$ of $2$ used