Reference no: EM132475362
Ogilvy Company manufactures and sells one product. The following information pertains to each of the company's first three years o operations.
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Variable cost per unit:
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Direct materials
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20
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Fixed costs per year:
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Direct labor
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832,000
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Fixed manufacturing overhead
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826,000
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Fixed selling and administrative expenses
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$ 232,000
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The company does not incur any variable manufacturing overhead costs or variable selling and administrative expenses. During its fi year of operations. Ogilvy produced 64,000 units and sold 64.000 units. During rts second year of operations, it produced 64,000 units and sold 61.400 units. In its third year. Ogilvy produced 64.000 units and sold 66.600 units. The selling price of the company's product is $50 per unit.
Required:
Question 1. Assume the company uses super-variable costing:
a. Compute the unit product cost for Year 1. Year 2. and Year 3.
b. Prepare an income statement for Year 1, Year 2, and Year 3.
Question 2. Assume the company uses a variable costing system that assigns 513 of direct labor cost to each unit produced:
a. Compute the unit product cost for Year 1. Year 2. and Year 3.
b. Prepare an income statement for Year 1. Year 2. and Year 3.
Question 3. Reconcile the difference between the super-variable costing and variable costing net operating incomes in Years 1.2. and 3.
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