Adams, Inc. has the following cost data for Product X:(Click on the icon to view the data.)Calculate the unit product cost using absorption costing and variable costing when production is 200 units, 500 units, and 1,000 units.Select the labels and enter the amounts to compute the unit product cost using absorption costing. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.)200 units1,000 unitsC500 unitsTotal unit product costTotal unit product costSelect the labels and enter the amounts to compute the unit product cost using variable costing. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.)200 units 500 units 1,000 unitsData tableDirect materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadPrintDone$35 per unit55 per unit9 per unit10,000 per year- X

Product cost refers to the cost incurred in factory for manufacturing the goods. Under Absorption…

Answered: Calculate the unit product cost using…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Adams, Inc. has the following cost data for Product X, and unit product cost using absorption costing when production is 2,000 units, 2,500 units, and 5,000 units. (Click on the icon to view the cost data.) (Click on the icon to view the unit product cost data.) Product X sells for $175 per unit. Assume no beginning inventories. Read the requirements. Data table Begin by selecting the labels and computing the gross profit for scenario a. and then compute the gross profit for scenario b. and c. Absorption costing a. b. C. Gross Profit Reference 2,000 units 2,500 units 5,000 units 42 $ 42 52 52 11 11 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total unit product cost Print $ $ 42 S 52 11 10 115 $ Done 8 113 $ 4 109 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Print Done $42 per unit 52 per unit 11 per unit 20,000 per year
The Barnett Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. Barnett Company has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation. Cost Hours $24,900 5,250 24,000 5,500 36,400 7,500 44,160 9,750 45,000 9,500 What is the estimated total cost at an operating level of 8,000 hours?
Computing absorption cost per unit and variable cost per unit Adamson, Inc. has the following cost data for Product X: Calculate the unit product cost using absorption costing and variable costing when production is 2,000 units, 2,500 units, and 5,000 units.
Martin Company had the following costs: E (Click on the icon to view the data.) Calculate the unit product cost using absorption costing. Round your answer to the nearest cent. Select the labels and enter the amounts to compute the unit product cost using absorption costing. Direct materials 71 Direct labor 40 Variable manufacturing overhead Fixed manufacturing overhead Total unit product cost Data Table Units produced 320 units Direct materials $71 per unit Direct labor 40 per unit Variable manufacturing overhead 13 per unit Fixed manufacturing overhead 7,360 per year Variable selling and administrative costs 22 per unit Fixed selling and administrative costs 1,920 per year Print Done
Use the following information for Short Exercises S21-2 and S21-3. Martin Company had the folowing costs: Computing unit product cost, absorption costing Calculate the unit product cost using absorption costing. Round your answer to the nearest cent.
The MTN Company has assembled the following data pertaining to certain costs which cannot be easily identified as either fixed or variable. MTN has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation. Cost Hours $100,000 3,500 61,000 2,000 85,000 2,600 78,200 2,450 91,000 3,000 110,400 3,900 106,000 3,740 93,000 3,380 a) Calculate the variable cost per hour b) Calculate the total fixed costs c) Write the equation which measures the cost behavior of the costs d) Calculate the operating costs for 3,750 hours.
Which of the following would be included in the cost of a product manufactured according to variable costing? a.sales commissions b.direct materials c.interest expense d.office supply costs Another name for variable costing is: a.indirect costing b.process costing c.direct costing d.differential costing If variable manufacturing costs are $15 per unit and total fixed manufacturing costs are $200,000, what is the manufacturing cost per unit if a. 20,000 units are manufactured and the company uses the variable costing concept?
Info in images Required: 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) B300 T500 Total Product margin $0 2. Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin $0 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2…
1) Determine the variable cost per unit and the fixed cost using the high-low method. 2) What is the equation of the total mixed cost function? 3) Based on the High-Low method, what is the total production costs if 6,500 units are produced?4) Prepare the scatter diagram and insert the trendline or line of best-fit. Use a scale of 2 cm to represent 1,000 units on the x-axis & 2 cm to represent $50,000 on the yaxis.5) Using the line of best-fit, determine the company’s fixed cost per month and the variable cost per unit. (Use 0 & 5,000 units.) Answer all please and thanks.
Following are four series of costs measured at various volume levels. Identify each series as either fixed, variable, mixed, or step-wise. Hint. It can help to graph each cost series. Volume Series A Series B Series C Series D (Units) 0 400 800 1,200 1,600 2,000 2,400 Series A $ 2,540 3,140 3,740 4,340 4,940 5,540 6,140 Series B $ 1,040 1,040 2,080 2,080 3,120 3,120 4,160 Series C $ 5,040 5,040 5,040 5,040 5,040 5,040 5,040 Series D $0 3,640 7,280 10,920 14,560 18, 200 21,840
You have been asked by management to classify the costs associated with the start-up of this new product line. Using the cost information provided below, classify each cost under the appropriate heading according to the chart provided below. Note that some costs may be classified under more than one heading. For example, a cost may be a fixed cost and a period cost. Name of cost Variable Cost Fixed Cost Direct Materials Direct Labor Factory Overhead Period Cost Prime Cost Conversion Cost Carlson “New Product” Cost Information Cost Amount Cost Type Depreciation on Building (annual) $ 10,000 Direct Labor Cost (per unit) $ 75 Direct Materials Cost (per unit) $ 60 Factory Utilities (per unit) $ 8 Indirect Materials (per unit) $ 4 Interest on Investments (annual) $3,000 Machinery Rental (monthly) $ 6,000 Marketing (annual) $ 35,000 Rent from Tenant (annual) $40,000…
Lillibridge & Friends, Incorporated provides you with the following data for its single product: Sales price per unit Fixed costs (per quarter): Selling, general, and administrative (SG&A) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter a. Prime cost per unit b. Contribution margin per unit c. Gross margin per unit d. Conversion cost per unit e. Variable cost per unit Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. f. Full absorption cost per unit g. Variable production cost per unit h. Full cost per unit $ 140 1,500,000 4,500,000 $ 17 20 18 14 500,000 units 500,000 units 600,000 units 37.00 $ $ 37.00 55.00 $ 55.00

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