The following data is for a company that produces a single product.
| | | |
| Selling price | $ | 192 |
| | | |
| Units in beginning inventory | | 0 |
| Units produced | | 4,000 |
| Units sold | | 3,190 |
| | | |
| Variable costs per unit: | | |
| Direct materials | $ | 48 |
| Direct labor | $ | 60 |
| Variable manufacturing overhead | $ | 13 |
| Variable selling and administrative expense | $ | 16 |
| Fixed costs: | | |
| Fixed manufacturing overhead | $ | 144,000 |
| Fixed selling and administrative | $ | 12,760 |
|
Required:
a. What is the unit product cost for the month under variable costing?
b. What is the unit product cost for the month under absorption costing?
c. Prepare a contribution format income statement for the month using variable costing.
d. Prepare an income statement for the month using absorption costing.
e. Reconcile the variable costing and absorption costing net operating incomes for the month.
The following data is for a company that produces a single product.
| | | |
| Selling price | $ | 192 |
| | | |
| Units in beginning inventory | | 0 |
| Units produced | | 4,000 |
| Units sold | | 3,190 |
| | | |
| Variable costs per unit: | | |
| Direct materials | $ | 48 |
| Direct labor | $ | 60 |
| Variable manufacturing overhead | $ | 13 |
| Variable selling and administrative expense | $ | 16 |
| Fixed costs: | | |
| Fixed manufacturing overhead | $ | 144,000 |
| Fixed selling and administrative | $ | 12,760 |
|
Required:
a. What is the unit product cost for the month under variable costing?
b. What is the unit product cost for the month under absorption costing?
c. Prepare a contribution format income statement for the month using variable costing.
d. Prepare an income statement for the month using absorption costing.
e. Reconcile the variable costing and absorption costing net operating incomes for the month.
The following data is for a company that produces a single product. $ 192 0 4,000 3,190 Selling price Units in beginning inventory Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 48 60 13 16 $144,000 $ 12,760 Required: a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using variable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Reconcile the variable costing and absorption costing net operating incomes for the month. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income (loss) Absorption costing net operating income (loss) The following data is for a company that produces a single product. 192 Selling price Units in beginning inventory Units produced Units sold 0 4,000 3,190 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Tixed manufacturing overhead Fixed selling and administrative $ $ $ $ 48 60 13 16 $144,000 $ 12,760 Required: a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format Income statement for the month using variable costing, d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses 0 0 Foxed expenses 0 0 $ 192 Selling price Units in beginning inventory Units produced Units sold 0 4,000 3,190 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 48 60 13 16 WOOD $144,000 $ 12,760 Required: a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using variable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E What is the unit product cost for the month under absorption costing? Cost Per Unit Absorption costing The following data is for a company that produces a single product. 192 0 4,000 3,190 Selling price Units in beginning inventory Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ 48 60 13 16 $144,000 $ 12,760 Required: a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using variable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E What is the unit product cost for the month under variable costing? Cost Per Unit Variable costing Required a Required B >
