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Q1) Variable and absorption costing unit product costs and income statement; Description of Difference in Net Operating Income [LO1, LO2, LO3]

Wiengot Antennas, Inc., manufactures and sells unique type of TV antenna. Company has now opened a new plant of manufacture antenna, and following cost and revenue data have been given for first month of  plant\\\'s operation in form of a worksheet.

Beginning inventory $0
Units Produced 40,000
Units Sold 35,000
Selling price per unit $60
Selling and administrative expenses:
Variable per unit $2
Fixed (total) $560,000
Manufacturing costs:
Direct material cost per unit $15
Direct labor cost per unit $7
Variable manufacturing overhead cost per unit $2
Fixed manufacturing overhead cost (total) $640,000

As new antenna is unique in design, management is anxious to see how profitable it will be and has asked that income statement be made for the month.

Required:

Suppose that company uses variable costing. Find out the unit product cost.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918307

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