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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Q1) Downes Consolidated Industries International uses standard cost system and records standards in accounting records. Standard costs for one unit of one of its products are as follows.

 Direct Materials, 3lbs.@\$20 per lb. \$ 60.00 Direct labor, 2 hrs. @\$15 per hr. \$ 30.00 Variable overhead, 4machine hrs. @\$1 per hr \$ 4.00 Fixed overhead, 4 machine hrs.@\$2.50 per hr \$ 10.00 Total \$104.00

Overhead is applied on basis of machine hours. Planned level of activity(denominator level) is 320,000 machine hours. Total budgeted fixed overhead is \$800,000.

Other budgeted items are:
Unit selling price, \$170,00 per unit
Variable selling & administrative expenses, \$5 per unit
Fixed selling & administrative expenses, \$160,000.
Planned level of production and sales, 80,000.

ACTUAL RESULTS:
Direct materials purchased, 250,000 lbs.@\$22 per lb.
Direct materials used, 240,000
Direct labor, 150,000 hrs, total cost, \$2,225,000
Units produced, 82,000 Units
Units sold, 80,500
Selling price per unit,160,00
Variable selling and administrative expenses, \$410,000.
Fixed selling & administrative , \$175,000.
Actual machine hours,330,000.

Create Master (Static) Budgeted Income Statement using variable costing.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M921614

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