Consider the following information for Presidio Incorporated's most recent year of operations. Number of units produced 2,400 1,500 Number of units sold $ 630.00 65.00 95.00 45.00 117.90 Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($282,960 ÷ 2,400 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Complete this question by entering your answers in the tabs below. Req 2A Req 2B 21,000.00 74,000.00 Req 3 Gross Margin Less: Non-Manufacturing Expenses Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. Presidio, Incorporated Full Absorption Income Statement

Consider the following information for Presidio Incorporated's most recent year of operations. Number of units produced 2,400 1,500 Number of units sold $ 630.00 65.00 95.00 45.00 117.90 Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($282,960 ÷ 2,400 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Complete this question by entering your answers in the tabs below. Req 2A Req 2B 21,000.00 74,000.00 Req 3 Gross Margin Less: Non-Manufacturing Expenses Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. Presidio, Incorporated Full Absorption Income Statement

Name: Consider the following information for Presidio Incorporated's most r
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Consider the following information for Presidio Incorporated's most recent year of operations.Number of units producedNumber of units soldSales price per unitDirect materials per unitDirect labor per unitVariable manufacturing overhead per unitFixed

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.
Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four significant digits)?
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($224,000/2,800 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Full Absorption Costing 2,800 2,400 340 60 45 13 80 Variable Costing $ 26,400 $ 60,000
Consider the following information for Presidio Incorporated's most recent year of operations. Number of units produced Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($307,060 ÷ 2,600 units) Total variable selling expenses ($10 per unit sold) Total fixed general and administrative expenses 2,600 1,600 $ 650.00 75.00 105.00 55.00 118.10 16,000.00 76,000.00 Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 3 Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory.…
! Required information [The following information applies to the questions displayed below.] Acacia Manufacturing has compiled the following information from the accounting system for the one product it sells: Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) Required: a. Calculate the product costs per unit. Note: Round your answer to 2 decimal places. b. Calculate the period costs for the period. Product costs per unit b. Period costs $80 per unit $ 23,800 $ 9,100 $9 $20 $ 10 $16 21,000
Consider the following information for Presidio Inc.'s most recent year of operations. Number of units produced Number of units sold sales price per unit Direct materials per unit Direct labor per unit variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($319,140 + 2,700 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses Req 2A Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Req 28 Complete this question by entering your answers in the tabs below. $ Gross Margin Less: Non-Manufacturing Expenses 2,700 1,650 660.00 80.00 110.00 60.00 118.20 Req 3 Net Operating Income 18,150.00 77,000.00 Complete a full absorption costing income statement for…
Identifying the Parts of the Cost Formula; Calculating Monthly, Quarterly, and Yearly Costs Using a Cost Formula Based on Monthly Data Gordon Company's controller, Eric Junior, estimated the following formula, based on monthly data, for overhead cost: Overhead Cost = $150,000+ ($52 x Direct Labor Hours) Required: 1. Select the term in the right column that corresponds to the term in the left column. Overhead cost $150,000 $52 Direct labor hours
The following data are from the accounting records of Niles Castings for year 2 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Required A Required B 89,000 Complete this question by entering your answers in the tabs below. Prepare a gross margin income statement. $280,000 64,000 40,000 18,000 43,000 11,500 32,000
Tracey Packaged Snax reports the following information for November: Units produced and sold Per unit revenue and costs: Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead (at 320,000 units) Variable marketing and administrative costs Fixed marketing and administrative costs (at 320,000 units) Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your ansivers in the tabs below. Required A Required B Prepare a contribution margin income statement. Contribution Margin Income Statement 320,000 $9.60 1.65 0.90 0.80 1.55 0.75 1.15
Identifying the Parts of the Cost Formula; Calculating Monthly, Quarterly, and Yearly Costs Using a Cost Formula Based on Monthly Data Gordon Company's controller, Eric Junior, estimated the following formula, based on monthly data, for overhead cost: Overhead Cost = $209,000 + ($82 x Direct Labor Hours) Required: 1. Select the term in the right column that corresponds to the term in the left column. Overhead cost Dependent variable v $209,000 Fixed cost (intercept) v $82 Variable rate (slope) Direct labor hours Independent variable v 2. If next month's budgeted direct labor hours equal 19,000, what is the budgeted overhead cost? 1,767,000 V 3. If next quarter's budgeted direct labor hours equal 95,000, what is the budgeted overhead cost? 4. If next year's budgeted direct labor hours equal 380,000, what is the budgeted overhead cost? $
Tracey Packaged Snax reports the following information for November: Units produced and sold Per unit revenue and costs: Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead (at 320,000 units) Variable marketing and administrative costs Fixed marketing and administrative costs (at 320,000 units) Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a gross margin income statement. Sales revenue Gross margin Gross Margin Income Statement Fixed marketing and administrative costs Operating profit $ 1,152,000 (176,000) 320,000 $ 3.60 1.05 0.30 0.20 0.95 0.15 0.55