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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Q1) Downes Consolidated Industries International utilizes standard cost system and records standards in  accounting records. Standard costs for one of its products are given below.

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

Overhead is applied on the 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:

Units selling price, \$175.00 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 soldd, 80,500
Selling price per unit, 160.00
Variable selling & administrative expenses, \$410,000.
Actual machine hours, 330,000.

problem:

Make the Income Statement of Actual Results by using Variable costing.

1. Compute the breakeven point in dollars.

2. Compute DOL.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M918706

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