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Compute production cost per unit under variable costing

26/11/2021 Client: muhammad11 Deadline: 2 Day

Managerial Accounting

Jeter Corporation had net income of $216,000 based on variable costing. Beginning and ending inventories were 6,400 units and 10,800 units, respectively. Assume the fixed overhead per unit was $6 for both the beginning and ending inventory. What is net income under absorption costing?

Multiple Choice

窗体顶端

·

$242,400

·

$216,000

·

$319,200

·

$268,800

·

$280,800

窗体底端

2

Alexis Co. reported the following information for May:

Part A

Units sold

5,600

units

Selling price per unit

$

860

Variable manufacturing cost per unit

550

Sales commission per unit - Part A

86

What is the manufacturing margin for Part A?

Multiple Choice

窗体顶端

·

$3,080,000

·

$1,254,400

·

$4,334,400

·

$1,736,000

窗体底端

3

Sea Company reports the following information regarding its production cost.

Units produced

56,000

units

Direct labor

$

49

per unit

Direct materials

$

42

per unit

Variable overhead

$

31

per unit

Fixed overhead

$

119,000

in total

Compute the product cost per unit under variable costing.

Multiple Choice

窗体顶端

·

$124.13

·

$122.00

·

$49.00

·

$91.00

·

$42.00

窗体底端

4

Brush Industries reports the following information for May:

Sales

$

1,000,000

Fixed cost of goods sold

120,000

Variable cost of goods sold

270,000

Fixed selling and administrative costs

120,000

Variable selling and administrative costs

145,000

Calculate the operating income for May under absorption costing.

Multiple Choice

窗体顶端

·

$585,000

·

$610,000

·

$730,000

·

$345,000

窗体底端

5

Shore Company reports the following information regarding its production cost.

Units produced

31,000

units

Direct labor

$

26

per unit

Direct materials

$

27

per unit

Variable overhead

$

283,000

in total

Fixed overhead

$

97,920

in total

Compute product cost per unit under absorption costing.

Multiple Choice

窗体顶端

·

$65.29

·

$27.00

·

$62.00

·

$53.00

·

$26.00

窗体底端

6

Accurate Metal Company sold 35,500 units of its product at a price of $320 per unit. Total variable cost per unit is $175, consisting of $166 in variable production cost and $9 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.

Multiple Choice

窗体顶端

·

$6,212,500

·

$6,532,000

·

$5,147,500

·

$11,360,000

·

$5,467,000

窗体底端

7

Decko Industries reported the following monthly data:

Units produced

64,000

units

Sales price

$

45

per unit

Direct materials

$

2.70

per unit

Direct labor

$

3.70

per unit

Variable overhead

$

4.70

per unit

Fixed overhead

$

235,200

in total

What is the company's contribution margin for this month if 62,000 units were sold?

Multiple Choice

窗体顶端

·

$2,169,600

·

$2,101,800

·

$2,880,000

·

$2,393,200

·

$2,790,000

窗体底端

8

Alexis Co. reported the following information for May:

Part A

Units sold

5,800

units

Selling price per unit

$

950

Variable manufacturing cost per unit

600

Sales commission per unit - Part A

95

What is the contribution margin for Part A?

Multiple Choice

窗体顶端

·

$2,030,000

·

$1,479,000

·

$3,480,000

·

$4,959,000

窗体底端

9

Given the following data, calculate product cost per unit under absorption costing.

Direct labor

$

13

per unit

Direct materials

$

7

per unit

Overhead

Total variable overhead

$

26,000

Total fixed overhead

$

96,000

Expected units to be produced

46,000

units

Multiple Choice

窗体顶端

·

$24.00 per unit

·

$20.57 per unit

·

$22.09 per unit

·

$22.65 per unit

·

$20.00 per unit

窗体底端

10

Brush Industries reports the following information for May:

Sales

$

960,000

Fixed cost of goods sold

112,000

Variable cost of goods sold

262,000

Fixed selling and administrative costs

112,000

Variable selling and administrative costs

137,000

Calculate the gross margin for May under absorption costing.

Multiple Choice

窗体顶端

·

$586,000

·

$361,000

·

$585,000

·

$698,000

窗体底端

11

Geneva Co. reports the following information for July:

Sales

$

783,000

Variable costs

236,000

Fixed costs

111,000

Calculate the contribution margin for July.

Multiple Choice

窗体顶端

·

$436,000

·

$672,000

·

$783,000

·

$547,000

窗体底端

12

Kluber, Inc. had net income of $916,000 based on variable costing. Beginning and ending inventories were 56,600 units and 55,200 units, respectively. Assume the fixed overhead per unit was $2.05 for both the beginning and ending inventory. What is net income under absorption costing?

Multiple Choice

窗体顶端

·

$801,405

·

$910,260

·

$1,030,595

·

$913,130

·

$916,000

窗体底端

13

During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $4 per unit, Variable overhead, $5 per unit, and Fixed overhead, $234,000. The company produced 26,000 units, and sold 18,000 units, leaving 8,000 units in inventory at year-end. What is the value of ending inventory under variable costing?

Multiple Choice

窗体顶端

·

$120,000

·

$234,000

·

$72,000

·

$192,000

窗体底端

14

Hayes Inc. provided the following information for the current year:

Beginning inventory

120

units

Units produced

770

units

Units sold

813

units

Selling price

$

170

/unit

Direct materials

$

37

/unit

Direct labor

$

18

/unit

Variable manufacturing overhead

$

17

/unit

Fixed manufacturing overhead

$

26,180

/yr

Variable selling/administrative costs

$

10

/unit

Fixed selling/administrative costs

$

17,500

/yr

What is the unit product cost for the year using absorption costing?

Multiple Choice

窗体顶端

·

$106

·

$104

·

$82

·

$72

窗体底端

15

Urban Company reports the following information regarding its production cost:

Units produced

33,000

units

Direct labor

$

26

per unit

Direct materials

$

31

per unit

Variable overhead

$

233,000

in total

Fixed overhead

$

123,000

in total

Compute production cost per unit under variable costing.

Multiple Choice

窗体顶端

·

$57.00

·

$60.73

·

$64.06

·

$26.00

·

$31.00

窗体底端

16

During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $189,000. The company produced 21,000 units, and sold 15,500 units, leaving 5,500 units in inventory at year-end. What is the value of ending inventory under absorption costing?

Multiple Choice

窗体顶端

·

$49,500

·

$115,500

·

$189,000

·

$66,000

窗体底端

17

Hayes Inc. provided the following information for the current year:

Beginning inventory

250

units

Units produced

900

units

Units sold

957

units

Selling price

$

300

/unit

Direct materials

$

50

/unit

Direct labor

$

31

/unit

Variable manufacturing overhead

$

30

/unit

Fixed manufacturing overhead

$

42,300

/yr

Variable selling/administrative costs

$

23

/unit

Fixed selling/administrative costs

$

30,500

/yr

What is the unit product cost for the year using variable costing?

Multiple Choice

窗体顶端

·

$111

·

$134

·

$158

·

$202

窗体底端

18

Chance, Inc. sold 5,000 units of its product at a price of $172 per unit. Total variable cost per unit is $131, consisting of $92 in variable production cost and $39 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.

Multiple Choice

窗体顶端

·

$400,000

·

($450,000)

·

$460,000

·

$860,000

·

$655,000

窗体底端

19

Front Company had net income of $92,500 based on variable costing. Beginning and ending inventories were 2,800 units and 5,200 units, respectively. Assume the fixed overhead per unit was $8.90 for both the beginning and ending inventory. What is net income under absorption costing?

Multiple Choice

窗体顶端

·

$71,140

·

$21,300

·

$93,900

·

$163,700

·

$113,860

窗体底端

20

Sea Company reports the following information regarding its production costs:

Units produced

58,000

units

Direct labor

$

51

per unit

Direct materials

$

44

per unit

Variable overhead

$

33

per unit

Fixed overhead

$

145,000

in total

Compute the product cost per unit under absorption costing.

Multiple Choice

窗体顶端

·

$51.00

·

$44.00

·

$130.50

·

$128.00

·

$95.00

窗体底端

21

During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $363,000. The company produced 33,000 units, and sold 27,000 units, leaving 6,000 units in inventory at year-end. Income calculated under variable costing is determined to be $385,000. How much income is reported under absorption costing?

Multiple Choice

窗体顶端

·

$319,000

·

$385,000

·

$451,000

·

$748,000

窗体底端

22

Reliance Corporation sold 5,100 units of its product at a price of $26 per unit. Total variable cost per unit is $14.00, consisting of $13.30 in variable production cost and $0.70 in variable selling and administrative cost. Compute the contribution margin for the company.

Multiple Choice

窗体顶端

·

$67,830

·

$74,970

·

$61,200

·

$71,400

·

$132,600

窗体底端

23

Required information

[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.

Units produced this year

42,000

units

Units sold this year

25,200

units

Direct materials

$

26

per unit

Direct labor

$

28

per unit

Variable overhead

$

126,000

in total

Fixed overhead

$

210,000

in total

Given Advanced Company's data, compute cost per unit of finished goods under variable costing.

Multiple Choice

窗体顶端

·

$54.00

·

$59.00

·

$57.00

·

$62.00

·

$55.88

窗体底端

24

Required information

[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.

Units produced this year

42,000

units

Units sold this year

25,200

units

Direct materials

$

26

per unit

Direct labor

$

28

per unit

Variable overhead

$

126,000

in total

Fixed overhead

$

210,000

in total

Given Advanced Company's data, compute cost per unit of finished goods under absorption costing.

Multiple Choice

窗体顶端

·

$62.00

·

$67.33

·

$59.00

·

$54.00

·

$57.00

窗体底端

25

Required information

[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.

Units produced this year

42,000

units

Units sold this year

25,200

units

Direct materials

$

26

per unit

Direct labor

$

28

per unit

Variable overhead

$

126,000

in total

Fixed overhead

$

210,000

in total

Given Advanced Company's data, compute cost of finished goods in inventory under absorption costing.

Multiple Choice

窗体顶端

·

$1,562,400

·

$1,041,600

·

$957,600

·

$1,436,400

·

$2,604,000

窗体底端

26

Required information

[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.

Units produced this year

42,000

units

Units sold this year

25,200

units

Direct materials

$

26

per unit

Direct labor

$

28

per unit

Variable overhead

$

126,000

in total

Fixed overhead

$

210,000

in total

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