Question
[The following information applies to the questions displayed below.] Cool Sky reports the following costing data on its product for its first year of operations.
[The following information applies to the questions displayed below.]
| Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $140 per unit. |
| Manufacturing costs | ||
| Direct materials per unit | $ | 60 |
| Direct labor per unit | $ | 22 |
| Variable overhead per unit | $ | 8 |
| Fixed overhead for the year | $ | 504,000 |
| Selling and administrative cost | ||
| Variable selling and administrative cost per unit | $ | 11 |
| Fixed selling and administrative cost per year | $ | 105,000 |
26.
value: 2.00 points
Required information
| 1a. | Assume the company uses absorption costing. Determine its product cost per unit. |
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27.
value: 2.00 points
Required information
| 1b. | Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. |
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28.
value: 2.00 points
Required information
| 2a. | Assume the company uses variable costing. Determine its product cost per unit. |
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Hint #1
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29.
value: 2.00 points
Required information
| 2b. | Assume the company uses variable costing. Prepare its income statement for the year under variable costing. |
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Bucks The Next Step Advanced Medical Coding And Auditing
Authors: Elsevier
1st Edition
0323874118, 978-0323874113
