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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

problem: Downes Consolidated Industries International uses a standard cost system & records standards in the accounting records. The 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 used on the basis of machine hours. The planned level of activity [denominator level] is 320,000 machine hours. The total budgeted fixed overhead is \$800,000.

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

ACTUAL RESULTS:
Direct materials purchased, 250,000 lbs.@\$22 per lb.
Units produced, 82,000 Units
Direct materials used, 240,000
Direct labor, 150,000 hrs, total cost, \$2,225,000
Units sold, 80,500
Selling price per unit,160,00
Variable selling and administrative expenses, \$410,000.
Actual machine hours,330,000.
Make an Income Statement of Actual Results using variable costing.
[A] Determine the breakeven point in dollars (\$).
[B] Compute DOL

Cost Accounting, Accounting

• Category:- Cost Accounting
• Reference No.:- M922799

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