Smidt Corporation has provided the following data for its two most recent years of operation:         Manufacturing costs:     Variable manufacturing cost per unit produced:     Direct materials $ 9 Direct labor $ 5 Variable manufacturing overhead $ 5 Fixed manufacturing overhead per year $ 140,000 Selling and administrative expenses:     Variable selling and administrative expense per unit sold $ 5 Fixed selling and administrative expense per year $ 65,000    Year 1 Year 2 Units in beginning inventory 0 3,000 Units produced during the year 10,000 7,000 Units sold during the year 7,000 6,000 Units in ending inventory 3,000 4,000  The unit product cost under variable costing in Year 1 is closest to:     $33.00     $24.00     $19.00     $38.00

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 1 $ 900,000 555,000 345,000 294,000 $ 51,000 Sales (@$60 per unit) Cost of goods sold (@ $37 per unit) Gross margin Selling and administrative expenses* Net operating income * $3 per unit variable; $249,000 fixed each year. The company's $37 unit product cost is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($360,000+ 20,000 units) Absorption costing unit product cost Production and cost data for the first two years of operations are: Units produced Units sold Required 1 Year 1 20,000 15,000 Complete this question by entering your answers in the tabs below. Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income…

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Use the following information for the Exercise below. (Algo) Skip to question   [The following information applies to the questions displayed below.]Barnes Company reports the following for its product for its first year of operations.  Direct materials $ 34 per unit Direct labor $ 24 per unit Variable overhead $ 12 per unit Fixed overhead $ 54,000 per year Variable selling and administrative expenses $ 2 per unit Fixed selling and administrative expenses $ 26,000 per year   Exercise 19-4 (Algo) Computing cost per unit at different production levels LO P1, P2 P1. Compute total product cost per unit using absorption costing for the following production levels: (a) 3,000 units, (b) 3,600 units, and (c) 4,500 units. P2. The company sells its product for $140 per unit. Compute contribution margin using variable costing assuming the company (a) produces and sells 3,000 units and (b) produces 3,600 units and sells 3,000 units.

Foggs Corporation has provided the following data for its two most recent years of operation: Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable selling and administrative expense per unit sold Fixed selling and administrative expense per year Year 2 1,000 Year 1 Units in beginning inventory 0 $21.00 $67.00 $ 10 $6 $5 $ 520,000 $6 $ 63,000 Units produced during the year 10,000 13,000 Units sold during the year 9,000 11,000 Units in ending inventory 1,000 3,000 The unit product cost under absorption costing in Year 2 is closest to: Multiple Choice $40.00

The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold 3,100 2,600 $ 355 Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($201,500÷3,100 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Full Absorption Costing Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the y Answer is not complete. Variable Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Income Statement Sales $ 60 $ 50 923,000 $12 $65 $36,400 $ 65,000

Required information Use the following information for the Exercise below. (Algo) [The following information applies to the questions displayed below.] Barnes Company reports the following for its product for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 36 per unit $ 26 per unit $12 per unit $ 70,000 per year $3 per unit $ 28,000 per year Exercise 6-5 (Algo) Computing gross profit at different production levels LO P2 The company sells its product for $140 per unit. Compute gross profit using absorption costing assuming the company (a) produces and sells 2,800 units and (b) produces 3,500 units and sells 2,800 units. (a) 2,800 Units Produced Gross profit using absorption costing and 2,800 Units Sold Sales Cost of goods sold Gross profit (b) 3,500 Units Produced and 2,800 Units Sold

O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses Case 6-29 Part-1 (Algo) During its first year of operations, O'Brien produced 97,000 units and sold 73,000 units. During its second year of operations, it produced 76,000 units and sold 95,000 units. In its third year, O'Brien produced 88,000 units and sold 83,000 units. The selling price of the company's product is $74 per unit. a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. Required: 1. Assume the company uses variable costing and a FIFO inventory flow assumption (FIFO means first-in first-out; in other words, it assumes the oldest…

The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations. Units produced                                                               20,000 Units sold                                                                         17,000 Selling price per unit                                                        $35 Direct material per unit                                                     $5 Direct labor per unit                                                          $5 Variable manufacturing overhead per unit              $2 Variable selling cost per unit                                         $3 Annual fixed manufacturing overhead                       $160,000 Annual fixed selling and administrative expense       $80,000    Required  (a) Prepare an income statement using full costing. (b) Prepare an income statement using variable costing.

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