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Assignment
Denton Company manufactures and sells a single product. Cost data for the product are given below:
Variable costs per unit:
Direct materials
$6
Direct labor
11
Variable manufacturing overhead
4
Variable selling and administrative
2
Total variable costs per unit
$23
Fixed costs per month:
Fixed manufacturing overhead
75,000
Fixed selling and administrative
163,000
Total fixed cost per month
238,000
The product sells for $51 per unit. Production and sales data for July and August, the first two months of operations, are as follows:
Units Produced
Units Sold
July
15,000
11,000
August
19,000
The company's Accounting Department has prepared absorption costing income statements for July and August as presented below:
Sales
561,000
969,000
Cost of goods sold
286,000
494,000
Gross margin
275,000
475,000
Selling and administrative expenses
185,000
201,000
Net operating income
90,000
274,000
Required:
1. Determine the unit product cost under absorption costing and variable costing.
2. Prepare contribution format variable costing income statements for July and August.
3. Reconcile the variable costing and absorption costing net operating income.
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