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problem: Your firm has just start to produce a new product. Revenue & cost data for the 1st period related to this product are as follows:

Beginning inventory 

0

Units produced 

40,000

Units sold 

35,000

Selling price per unit

$60

Selling and administrative expenses 

 

Variable cost per unit 

$2

Total fixed costs 

$560,000

Manufacturing costs 

 

Direct materials per unit

$15

Direct labor per unit

$7

Variable mfg OH per unit

$2

Total fixed mfg OH

$640,000

REQUIRED:

 

[A] Using absorption costing:
[1] find out unit product cost 
[2] Make an income statement for the period.
[B] Using variable costing:
[1] find out unit product cost 
[2] Make an income statement for the period. 
[C] Describe reason for any difference in the ending inventory balances under the two (2) costing methods & the impact of this difference on reported net operating income.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922446

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