What is the net operating income for the month

Assignment Help Accounting Basics

Reference no: EM131016531

If I can have the explanations that would be great, thank you.

1. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

Selling price	$112

Units in beginning inventory	0
Units produced	5,500
Units sold	5,300
Units in ending inventory	200

Variable costs per unit:
Direct materials	$33
Direct labor	$37
Variable manufacturing overhead	$5
Variable selling and administrative	$6

Fixed costs:
Fixed manufacturing overhead	$71,500
Fixed selling and administrative	$79,500

What is the net operating income for the month under absorption costing?

$1,700

$15,900

$13,300

$2,600.

2. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

Units in beginning inventory	0
Units produced	7,300
Units sold	7,200
Units in ending inventory	100

Variable costs per unit:
Direct materials	$29
Direct labor	$49
Variable manufacturing overhead	$5
Variable selling and administrative	$4
Fixed costs:
Fixed manufacturing overhead	$94,900
Fixed selling and administrative	$79,200

What is the absorption costing unit product cost for the month?

$87 per unit

$100 per unit

$83 per unit

$96 per unit

3. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

Selling price	$132

Units in beginning inventory	0
Units produced	1,100
Units sold	800
Units in ending inventory	300

Variable costs per unit:
Direct materials	$48
Direct labor	$17
Variable manufacturing overhead	$2
Variable selling and administrative	$4
Fixed costs:
Fixed manufacturing overhead	$39,600
Fixed selling and administrative	$7,200

What is the total period cost for the month under absorption costing?

$50,000

$39,600

$7,200

$10,400

4. Under absorption costing, product costs include:

Variable manufacturing overhead	Fixed manufacturing overhead
Yes	Yes
No	No
Yes	No
No	Yes

Option B

Option A

Option C

Option D

5. Sharron Inc., which produces a single product, has provided the following data for its most recent month of operations:

Number of units produced	3,000
Variable costs per unit:
Direct materials	$91
Direct labor	$13
Variable manufacturing overhead	$7
Variable selling and administrative expense	$6
Fixed costs:
Fixed manufacturing overhead	$237,000
Fixed selling and administrative expense	$165,000

There were no beginning or ending inventories. The variable costing unit product cost was:

$190 per unit

$111 per unit

$117 per unit

$110 per unit

6. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

Selling price	$89

Units in beginning inventory	0
Units produced	4,300
Units sold	4,000
Units in ending inventory	300

Variable costs per unit:
Direct materials	$13
Direct labor	$35
Variable manufacturing overhead	$1
Variable selling and administrative	$10
Fixed costs:
Fixed manufacturing overhead	$77,400
Fixed selling and administrative	$24,000

The total contribution margin for the month under variable costing is:

$88,000

$42,600

$160,000

$120,000

Reference no: EM131016531

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