A company manufactures a single product.  Unit costs are:                       $/Unit  Variable production cost              14.75  Fixed production                      8.30  Variable selling                       2.60  Fixed selling                          5.45    400,000 units of the product were manufactured in a period, during which 394,000 units were sold. There was no inventory of the product at the beginning of the period. Required: 1) Use Marginal costing to calculate the total value of the finished goods inventory at the end of the period.

lomework (i) Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. \table[[Sales price,$56.10 per unit], [ Direct materials, $9.10 per unit], [Direct labor, $6.60 per unit], [Variable overhead,$11.10 per unit], [Fixed overhead,$750,300 per year]] Compute gross profit assuming (a) 61,000 units are produced and 61,000 units are sold and (b)82,000 units are produced and 61,000 units are sold. By how much would the company's gross profit increase or decrease from producing 21,000 more units than it sells?

Michie Company's management accountant prepared the following income statement relating to its second year of operations using the absorption costing format: Michie Company Income Statement (Absorption Costing) Year Ended December 31, Year 2 Sales Cost of goods sold: Beginning inventory Variable and fixed manufacturing costs Cost of goods available for sale Less ending inventory Total cost of goods sold Gross margin Less operating costs: Variable selling and administrative costs Fixed selling and administrative costs Net income (50,000 x $ 20.00) (10,000 $ 10.00*) (45,000 x $ 10.00*) (55,000 $10.00) (5,000 * $ 10.00) $ 1,000,000 $ 100,000 450,000 550,000 50,000 (500,000) $ 500,000 (50,000 x $ 2.00) $ 100,000 150,000 Variable manufacturing costs of $8.00 plus fixed manufacturing costs of $2.00. (250,000) $ 250,000

The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production Selling and administrative $ $ 35 14 Fixed costs per year: Production $216,300 $190,340 Selling and administrative Last year, 7,210 units were produced and 7,110 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

1. Assume that the company uses absorption costing A) compute the unit product cost B) prepare an income statement for a year(do not leave empty spaces;input a 0 whatever it is required)  2. Assume the company uses variable costing A) compute the unit product cost B) prepare an income statmement(input 0 on empty spaces)

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Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc.Absorption Costing Income StatementFor the Year Ended December 31 Sales   $1,200,000  Cost of goods sold:       Cost of goods manufactured $840,000      Ending inventory (210,000)       Total cost of goods sold   (630,000) Gross profit   $570,000  Selling and administrative expenses   (290,000) Operating income   $280,000  Variable Statement Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of income statement includes a computation of manufacturing margin. Saxon, Inc.Variable Costing Income StatementFor the Year Ended December 31 Sales   $1,200,000  Variable cost of goods sold:       Variable cost of goods manufactured $600,000      Ending inventory (150,000)       Total variable cost of goods sold   (450,000) Manufacturing margin   $750,000…