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Nesman Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 92 Units in beginning inventory 300 Units produced 5,900 Units sold 6,000 Units in ending inventory 200 Variable cost per unit: Direct materials $ 39 Direct labor $ 19 Variable manufacturing overhead $ 2 Variable selling and administrative $ 11 Fixed costs: Fixed manufacturing overhead $ 88,500 Fixed selling and administrative $ 36,000 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required: a. Prepare a contribution format income statement for the month using variable costing. 2.) Packer Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 81 Units in beginning inventory 300 Units produced 1,800 Units sold 1,600 Units in ending inventory 500 Variable cost per unit: Direct materials $ 19 Direct labor $ 16 Variable manufacturing overhead $ 1 Variable selling and administrative $ 11 Fixed costs: Fixed manufacturing overhead $ 34,200 Fixed selling and administrative $ 3,200 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. 3.)The EG Company produces and sells one product. The following data refer to the year just completed: Beginning inventory 0 Units produced 25,000 Units sold 20,000 Sales price per unit $ 400 Selling and administrative expenses: Variable per unit $ 15 Fixed (total) $ 275,000 Manufacturing costs: Direct materials cost per unit $ 200 Direct labor cost per unit $ 50 Variable manufacturing overhead cost per unit $ 30 Fixed manufacturing overhead $ 300,000 Assume that direct labor is a variable cost. Required: a. Compute the cost of a single unit of product under both the absorption costing and variable costing approaches. b.)Prepare an income statement for the year using absorption costing c.) Prepare a contribution format income statement for the year using variable costing d.) . Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above.
On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 by the retail method?
Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.
Under management by exception, which differences between planned and actual results should be investigated?
A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000. Keen"s gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At Decembe..
Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Be sure to discuss why each factor is important, as well as the risks of not considering each factor.
The bank statement dated May 31, 2011, showed bank service charges of $38. All checks written by the company had been processed by the ank by May 31 and were listed on the bank statement except for checks totaling $1,890.0 Prepare a bank reconcili..
During the last month of 2009, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2009, income..
The relationship between the amount funded and the amount reported for pension expense is as follows:
a manager is trying to estimate the manufacturing costs of a new product. the company makes several other products that
statement of retained earningslandon corporation was organized on january 2 2010 with the investment of 100000 by each
Edmondson Inc. produces and sells a single product. The selling price of the product is $200.00 per unit and its variable cost is $50.00 per unit. The fixed expense is $205,500 per month
Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. What is ending inventory assuming Northwest uses the gross method to record purchases?
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