Happy Trails has the following information for its manufacturing: Direct Materials $16 Direct Labor $14 Variable Manufacturing Overhead $2 Fixed Manufacturing Overhead $24 Units Produced 28,000 Units Sold 19,000 Its income statement under absorption costing is: Sales $1,900,000 Beginning Inventory $0 Cost of Goods Manufactured 1,568,000 Cost of Goods Available for Sale $1,568,000 - Ending Inventory 504,000 Cost of Goods Sold $1,064,000 Gross Profit $836,000 -Sales and Admin. Expenses: Variable $114,000 Fixed 300,000 Total Sales and Admin. Expenses $414,000 Net Operating Income $422,000

ed Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Income Statements (Absorption Costing) Sales ($60 per unit) Year 1 $ Year 2 $ 1,920,000 3,960,000 Cost of goods sold ($45 per unit) 1,440,000 2,970,000 Gross profit 480,000 990,000 Selling and administrative expenses ok Income t 338,000 474,000 $ 142,000 $ 516,000 Additional Information a. Sales and production data for these first two years follow. Year 1 Year 2 nces Units Units produced 49,000 49,000 Units sold 32,000 66,000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $45 per unit product cost using absorption costing consists of the following. Direct materials Direct labor $ 12 19 Variable overhead Fixed overhead ($539,000/49,000 units) 3 11 Total product cost per unit $ 45 c. Selling and administrative expenses consist of the following. Selling and Administrative Expenses Variable selling and…

Magpie Corporation uses the total cost method of product pricing. Below is cost information for the production and sale of 64,400 units of its sole product. Magpie desires a profit equal to a 19% return on invested assets of $619,000. Fixed factory overhead cost $36,000 Fixed selling and administrative costs 7,500 Variable direct materials cost per unit 4.72 Variable direct labor cost per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The cost per unit for the production and sale of Magpie's product is

The following information is available for Barnes Company for the fiscal year ended December 31:         Beginning finished goods inventory in units   0   Units produced   4,800   Units sold   4,000   Sales $ 400,000   Materials cost $ 96,000   Variable conversion cost used $ 48,000   Fixed manufacturing cost $ 72,000   Indirect operating costs (fixed) $ 80,000    Cost of goods sold using variable costing is:     $120,000     $40,000     $144,000     $110,000

Yancey, Inc reports the following information Units produced Units sold Sales poce Direct materials Direct labor 520 units 520 units $150 per unit $40 per unit $30 per unit Variable manufacturing overhead Fixed manufacturing overhead $20 per unit $24,000 per year $15 per unit Variable selling and administrative costs Fixed selling and administrative costs $25,000 per year What is the amount of unit product cost that will be considered for external reporting purposes? (Round any intermediate calculations and your final answer to the nearest cent) OA. $76 15 OB 5136 15 OC. $116 15 OD $80.00

Happy Trails has the following information for its manufacturing: Direct Materials $16 Direct Labor $16 Variable Manufacturing Overhead $3 Fixed Manufacturing Overhead $25 Units Produced 27,000 Units Sold 18,000 Its income statement under absorption costing is: Sales $1,901,000 Beginning Inventory $0 Cost of Goods Manufactured 1,620,000 Cost of Goods Available for Sale $1,620,000 - Ending Inventory 540,000 Cost of Goods Sold $1,080,000 Gross Profit $821,000 -Sales and Admin. Expenses:   Variable $108,000 Fixed 200,000 Total Sales and Admin. Expenses $308,000 Net Operating Income $513,000 Prepare an income statement with variable costing and a reconciliation statement between both methods. If an amount box does not require an entry, leave it blank.

Hi-Tek Manufacturing, Inc., makes two types of industrial component parts—the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc.Income Statement Sales $ 1,712,000   Cost of goods sold   1,244,712   Gross margin   467,288   Selling and administrative expenses   620,000   Net operating loss $ (152,712 ) Hi-Tek produced and sold 60,200 units of B300 at a price of $20 per unit and 12,700 units of T500 at a price of $40 per unit. The company’s traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company’s two product lines is shown below:   B300 T500 Total Direct materials $ 400,700 $ 162,100 $ 562,800 Direct labor $ 120,500 $ 42,700   163,200 Manufacturing overhead           518,712 Cost of goods sold         $ 1,244,712   The company has created an…

Mallard Corporation uses the product cost method of product pricing. Below is cost information for the production and sale of 45,000 units of its sole product. Mallard desires a profit equal to a 12% return on invested assets of $800,000. Fixed factory overhead cost $82,000 Fixed selling and administrative costs 45,000 Variable direct materials cost per unit 5.50 Variable direct labor cost per unit 7.65 Variable factory overhead cost per unit 2.25 Variable selling and administrative cost per unit 0.90 The dollar amount of desired profit from the production and sale of the company's product is a.$105,840 b.$225,000 c.$220,500 d.$96,000