Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required: for financial reporting purposes, what

Required: For financial reporting purposes, what is the total amount of product costs...

50.1K

Verified Solution

Question

Accounting

Required:

  1. For financial reporting purposes, what is the total amount of product costs incurred to make 7,000 units?
  2. For financial reporting purposes, what is the total amount of period costs incurred to sell 7,000 units?
  3. If the selling price is $22.60 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal places.)
  4. If 8,000 units are produced, what is the total amount of direct manufacturing cost incurred?
  5. If 8,000 units are produced, what is the total amount of indirect manufacturing costs incurred?
image
image
\begin{tabular}{|lcc|} \hline Direct materials & CostperUnit & CostperPeriod \\ \hline Direct labor & $5.10 & \\ Variable manufacturing overhead & $3.65 & \\ Fixed manufacturing overhead & $1.25 & $31,500 \\ Sales commissions & $0.50 & \\ Variable administrative expense & $0.40 & $10,500 \\ Fixed selling and administrative expense & & $10 \end{tabular} \begin{tabular}{|l|l|} \hline a. Total product cost \\ \hline b. Total period cost \\ \hline c. Contribution margin per unit \\ \hline d. Total direct manufacturing cost \\ \hline e. Total indirect manufacturing cost \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Problem 6-21 (Algorithmic) The Centers for Disease Control and Prevention Office on Smoking and Health (OSH) is...

Statistics
Q

You started taking the bus to work. The local transit authority says that a bus should...

Basic Math
Q

how is the glomerulus adapted adapted for filtration. be specific please! and thank you

Medical Sciences
Q

what is flowchart of smartphone's supply chain? What are the components of its supply chain and...

General Management
Q

4 Use the given information to determine the remaining five trigonometric values a Sin A...

Geometry
Q

D 13 Given the following parallelpiped state whether each of the following statements is true...

Geometry
Q

Solve the equation5 (2x - 1)^2/3 = 125Assume x is positive. Give your answer as...

Basic Math
Q

The vector 0 3 2 is a solution of the linear system x 3x2 3x3...

Algebra
Q

The following geometric sequence is missing four terms Identify any of the following answers that...

Algebra
Q

Ethan is 15 years old. Ethan's mother opened a bank account for Ethan...

Accounting
Q

La investigacin encuentra que si bien la educacin es necesaria para la colocacin laboral, no...

Accounting
Q

Q.1 Explain the difference between Accounting and Financing. Q.2. Define Business. Explain all types of...

Accounting