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A manufacturing company has provided the following data concerning its most recent month of
operations:
Selling price
£176
Units in beginning inventory
0
Units produced
10,400
Units sold
9,800
Units in ending inventory
600
Variable costs per unit:
Direct materials
£ 24
Direct labour
£ 46
Variable manufacturing
£ 4
Variable selling and administrative
£ 10
Fixed costs:
Fixed manufacturing overhead
£322,400
Fixed selling and administrative
£129,200
The total contribution margin for the month under the variable costing approach is:
A. £ 901600
B. £ 128,400
C. £ 499,800
D. £ 196.000
Step by step
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- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
- Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55The company, which has only one product, has provided the following data concerning its most recent month of operations:Selling price $124Units in beginning inventory: 0Units produced: 6,100Units sold: 5,600Units in ending inventory: 500variable costs per unit:Direct material: $23Direct labor: 43Variable manufacturing overhead: 2Variable selling and administrative: 11Fixed costs:Fixed manufacturing overhead: $183,000Fixed selling and administrative: $61,6001) Prepare a contribution format income statement for the month using variable costing.Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:Selling price $173Units in beginning inventory 1,450Units produced 9,350Units sold 9,450Units in ending inventory 1,350 Variable costs per unit: Direct materials $ 39Direct labor $ 56Variable manufacturing overhead $ 20Variable selling and administrative expense $30Fixed costs: Fixed manufacturing overhead $ 74,800Fixed selling and administrative expense $167,200 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. What is the net operating income for the month under ABSORPTION COSTING?$5,100$22,600$21,800$34,100
- P Company has provided the following data for the month of March: Beginning P25,000 Raw materials inventory Work-in-process inventory 16,000 Finished goods inventory 36,000 Ending P30,000 Direct materials purchases Direct labor incurred Manufacturing overhead Indirect materials included in overhead 18,000 59,000 March Activity P71,000 83,000 74,000 5,000 Prepare a Schedule of Cost of Goods Manufactured and a Partial Income Statement Showing the Cost of Goods SoldA manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory 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 expense What is the total period cost for the month under absorption costing? $ 133 0 7,000 6,800 200 $ 41 $ 57 $ 5 $4 $133,000 $ 34,000The following data were taken from the records of JunCompany for the current period:Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
- The following data were taken from the records of JunCompany for the current period:Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…PREPARE AN INCOME STATEMENT MARIE SWIFT Company reported the given information for the month of October: Inventories: Beginning Ending P36,000 Raw materials P29,000 Work in process P19,000 Finished goods P55,000 P21,000 P53,000 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost P64,000 Selling expense Administrative expense Net Sales units produced P75,000 P45,000 P16,000 P44,000 P500,000 20,000 Determine the values of the following: a. operating profit b. manufacturing cost c. cost of goods manufactured d. period cost e. operating expense f. cost of goods sold g. cost of product that is transferred to finished goods h. raw materials used i. gross profit j. total inventory cost reflected in the statement of financial position k. raw materials available for use I. manufacturing cost per unit m. conversion cost n. cost of goods placed in process o. prime costHadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 126Units in beginning inventory 0Units produced 1,900Units sold 1,800Units in ending inventory 100 Variable costs per unit: Direct materials $ 49Direct labor $ 28Variable manufacturing overhead $ 5Variable selling and administrative expense $ 11Fixed costs: Fixed manufacturing overhead $ 32,300Fixed selling and administrative expense $ 23,400 What is the total period cost for the month under variable costing?$75,500$43,200$32,300$55,700