Reference no: EM133078438
Questions -
Q1. Xam Company presented the following data for the 1st quarter of 2021:
Prime Costs - $560,000
Variable Factory Overhead - 80,000
Straight Line Depreciation of Plant Assets - 60,000
Other Fixed Factory Overhead - 40,000
Factory Manager's Salary - 96,000
Office Salaries - 84,000
Sales Salaries - 72,000
Sales Commission - 60,000
a. For external reporting purposes, how much is the inventoriable costs?
b. For internal reporting purposes, how much is the period costs?
Q2. Reca Corporation manufactures a single product and has the following cost structure:
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Variable Cost/Unit
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Fixed Costs
|
|
Production
|
$5
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Production
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$32,000
|
|
Selling and Administrative
|
3
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Selling and Administrative
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16,000
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During the year, 8,000 units were produced, and 7,800 units were sold.
a. How much is the carrying value of ending inventory under variable costing?
b. Under absorption costing, how much is the cost of goods sold?
Q3. Jana Company., which has only one product, provided the following data for June:
Sales @ $74 per unit - $636,400
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Variable Costs Per Unit
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Fixed Costs
|
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Direct Materials - $12
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Factory Overhead - $176,000
|
|
Direct Labor - 32
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Selling and Administrative - 8,600
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|
Factory Overhead - 2
|
|
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Selling and Administrative - 6
|
|
There are 200 Units of inventory remaining at the end of June.
a. How much are the unit product cost under variable and absorption costing approach?
b. How much is the contribution margin for the month under the variable costing approach?
c. How much is the gross margin for the month under the absorption costing approach?
d. How much is the period cost for the month under the variable costing approach?
e. How much is the period cost for the month under the absorption costing approach?