bloe tinug 0000.0019 eealse34pensSuper-Sprite Company produced 45,000 units and sold 41,000 during the current year.Cnder absorption costing, net income was P62,000. Fixed overhead was P225,000. Determinethe net income under variable costing.

The difference in net incomes of variable and absorption costing occurs due to fixed manufacturing…

Answered: Super-Sprite Company produced 45,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vacation Corporation produces a single product. Data concerning the company's first year of operations appear below: Units produced 10,000 Units sold 9,000 Selling price per unit Р60 DM P15 DL Р5 Variable OH P2 Variable selling and administrative P4 BED EXAS Fixed OH P200,000 Fixed selling and administrative P70,000 Compute for the difference in net operating income between absorption costing and variable costing for the year.
Front Company had net income of $88,500 based on variable costing. Beginning and ending inventories were 2,400 units and 4,400 units, respectively. Assume the fixed overhead per unit was $8.70 for both the beginning and ending inventory. What is net income under absorption costing? Multiple Choice • 89,700 • $29,340 $147,660 S105,900 • S71,100
Fixed manufacturing costs are $40 per unit, and variable manufacturing costs are $120 per unit. Production was 113,000 units, while sales were 108,480 units. a. Determine whether variable costing operating income is less than or greater than absorption costing operating income. b. Determine the difference in variable costing and absorption costing operating income.
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ompany XYZ produced and sold $1,000 units. The total direct materials cost was $1,000, the direct labor cost was $15,000, the manufacturing overhead cost was $5,000. The variable selling and administrative cos as $11,000 while the fixed selling and administrative expenses was $3,000. How much is the unit product cost in (S)? elect one: O a. None of the given answers O b. 35 O c21 O d. 16 O e. 32
Using this information from Planters, Inc., what is the cost per unit under variable costing? Round to the nearest penny, two decimal places. Planters, Inc data Cost Production Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Amount 11,808 units $231 271 105 1,150,457
Aya Company Sold a total of 7,000 units of its product. More data are as follows: Sales 700,000 Variable and manufacturing cost 400,000 Fixed manufacturing overhead Contribution margin 180,000 250,000 What is the amount of variable selling and administrative cost?
Shown below are units produced and total manufacturing costs for the pastfour months at Minda Manufacturing Corporation: Units Produced Total CostJul 120 P446,000Aug 150 P508,000Sep 180 P638,000Oct 170 P668,000What is Minda's cost formula for total manufacturing costunder the high-lowmethod?
Bruno Company accumulates the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total Cost January 8,015 February 7,510 $14,195 13,515 Miles Driven Total Cost March 8,500 $15,000 April 8,205 14,495 a. Compute the variable cost per mile using the high-low method. b. Compute the fixed cost elements using the high-low method.
Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Product X at a total cost of $800 per unit, of which $540 is product cost and $260 is selling and administrative expenses. In addition, the total cost of $800 is made up of $460 variable cost and $340 fixed cost. The desired profit is $88 per unit. Determine the markup percentage on total cost. %
Survivor Corporation produced 8,500 units and incurred the following cost: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Determine the following: 1. Total direct manufacturing cost = 2. Total indirect manufacturing cost = Cost per Unit P 5.00 P 3.20 P 1.30 P 1.10 P 0.30 Cost per Period P 127,500 P 38,250
Under absorption costing, a company had the following unit costs when 9,000 units were produced. Direct labor $7.25 per unit Direct material $8.00 per unit Variable overhead $5.50 per unit Fixed overhead ($67,500/9,000 units) $7.50 per unit Total production cost $28.25 per unit Compute the total production cost per unit under variable costing if 30,000 units had been produced. $31.75 $28.25 $23.45 $15.25 $20.75

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Super-Sprite Company produced 45,000 units and sold 41,000 during the current year. Tnder absorption costing, net income was P62,000. Fixed overhead was P225,000. Determine he net income under variable costing.