Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs. Variable

image text in transcribed

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor $7.5 $3.45 Variable manufacturing overhead $5.8 Variable selling and administrative expenses $3.9 Fixed Costs per Year Fixed manufacturing overhead $225,000 Fixed selling and administrative expenses $210,100 Siren Company sells the fishing lures for $25. During 2022, the company sold 80,000 lures and produced 90,000 lures. (a) Assuming the company uses variable costing, calculate Siren's manufacturing cost per unit for 2022. (Round answer to 2 decimal places, e.g. 10.50.) Manufacturing cost per unit eTextbook and Media Save for Later Question Part Score (b) Attempts: 0 of 3 used Submit Answer Prepare a variable costing income statement for 2022. (Enter negative amounts using either a negative sign preceding the number e.g -45 or parentheses eg. (45).) eTextbook and Media Save for Later Question Part Score (c) SIREN COMPANY Income Statement Variable Costing $ Attempts: 0 of 3 used Submit Answer --/1 --/1 Assuming the company uses absorption costing, calculate Siren's manufacturing cost per unit for 2022. (Round answer to 2 decimal places, e.g. 10.50.) Manufacturing cost per unit $ eTextbook and Media Save for Later Question Part Score (d) Attempts: 0 of 3 used Submit Answer Prepare an absorption costing income statement for 2022. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg. (45).) SIREN COMPANY Income Statement Absorption Costing $ $ $ --/1

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

Financial Accounting A Critical Approach

Authors: John Friedlan

4th edition

1259066525, 978-1259066528

More Books

Students also viewed these Accounting questions

Question

Why do some court decisions have two or three different citations?

Answered: 1 week ago

Question

4-7 What is a normal product cost?

Answered: 1 week ago

Question

=+What is the expected value of purchasing a Thursday ticket?

Answered: 1 week ago

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago