Submit an excel document which each tab labeled by item

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Reference no: EM13394743

Paint More LLC has organized a new division to manufacture and sell specialty paint. The division's monthly costs are shown below:

Manufacturing costs:

Variable costs per unit:

Direct materials $12

Variable manufacturing overhead $1

Fixed manufacturing overhead costs (total) $100,000

Selling and administrative costs:

Variable 7% of sales

Fixed (total) $31,000

Because the production is highly automated, the company includes its labor costs in its fixed manufacturing overhead. The gallons of paint sell for $68 each. During September, the first month of operations, the following activity was recorded:

Units produced 5,000

Units sold 4,000

Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:

1. Compute the unit product cost under:

1. Absorption costing

2. Variable costing

2. Prepare an absorption costing income statement for September

3. Prepare a contribution format income statement for September using variable costing

Reference no: EM13394743

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