Exercise 2-50 and 2-51 (Algo) (LO 2-6) Skip to question [The following information applies to the questions displayed below.] Madrid Corporation 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) $ 760 $ 94,000 $ 124,000 $26 $ 180 $32 $ 110 2,000 Exercise 2-51 (Algo) Components of Full Costs (LO 2-6) Required: a. Calculate the product costs per unit. b. Calculate the period costs for the period. per unit

Exercise 2-50 and 2-51 (Algo) (LO 2-6) Skip to question [The following information applies to the questions displayed below.] Madrid Corporation 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) $ 760 $ 94,000 $ 124,000 $26 $ 180 $32 $ 110 2,000 Exercise 2-51 (Algo) Components of Full Costs (LO 2-6) Required: a. Calculate the product costs per unit. b. Calculate the period costs for the period. per unit

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....

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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 product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
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Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
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Accounting records for The Ralston Company show the following for the most recent fiscal year. 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 Complete this question by entering your answers in the tabs below. Prepare a gross margin income statement. Gross Margin Income Statement 59,500
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Info in images Question relating to the images: 3. Info in image "ACC PT2" 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold [ ] 5. Assume that the $38,000 ending balance in Work in Process includes $8,600 of direct materials. Given this assumption, supply the information missing below: Direct materials $8,600 Direct labor [ ] Manufacturing overhead [ ] Work in process inventory $38,000
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