Reference no: EM132840614
Problem - Waterloo Storage Products makes a four-drawer plastic storage cabinet on casters meant for use in garages and workshops. Each cabinet sells for $54. Data for last year's operations follow:
Units in beginning inventory 0
Units produced 21,200
Units sold 19,600
Units in ending inventory 1,600
Variable costs per unit:
Direct materials $12
Direct labour 14
Variable manufacturing overhead 6
Variable selling and administrative 8
Total variable cost per unit $40
Fixed costs:
Fixed manufacturing overhead $84,500
Fixed selling and administrative 119,500
Total fixed costs $204,000
Required -
1. Assume that the company uses variable costing. Compute the unit product cost for one storage cabinet.
2. Assume that the company uses variable costing. Prepare a contribution format income statement for the year.
3. What is the company's break-even point in terms of units sold?
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