Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Cost per Unit Cost per Period $ 5.20 $ 3.70 1.30 $ $ 0.60 $ 0.50 $ 33,750 $ 11,250 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 7,500 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 7,500 units? c. If the selling price is $22.70 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal pla If 8500 units are produced, what is the total amount of direct manufacturing cost incurred?

Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Cost per Unit Cost per Period $ 5.20 $ 3.70 1.30 $ $ 0.60 $ 0.50 $ 33,750 $ 11,250 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 7,500 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 7,500 units? c. If the selling price is $22.70 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal pla If 8500 units are produced, what is the total amount of direct manufacturing cost incurred?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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