TB Problem Qu. 7-272 Pacheo Corporation, which has only one ... Pacheo Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ $ $ $ 87 620 2,250 2,500 370 25 19 1 13 $51,750 $ 7,500 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required: a. What is the unit product cost for the month under variable costing? b. Prepare a contribution format income statement for the month using variable costing. c. Without preparing an income statement, determine the absorption costing net operating income for the month. (Hint: Use the reconciliation method.)

TB Problem Qu. 7-272 Pacheo Corporation, which has only one ... Pacheo Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ $ $ $ 87 620 2,250 2,500 370 25 19 1 13 $51,750 $ 7,500 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required: a. What is the unit product cost for the month under variable costing? b. Prepare a contribution format income statement for the month using variable costing. c. Without preparing an income statement, determine the absorption costing net operating income for the month. (Hint: Use the reconciliation method.)

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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Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 44,000 units during the month with the following unit costs: Direct materials $5.80 Direct labor 3.80 Variable overhead 1.90 Fixed overhead* 7.80 Variable marketing cost 1.60 * Fixed overhead per unit = $343,200 / 44,000 units produced = $7.80 Total fixed factory overhead is $343,200 per month. During October, 42,900 units were sold at a price of $27, and fixed marketing and administrative expenses were $110,900. Required: Question Content Area 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank 4d8e7ff35fc6014_1 per unit 2. How many units remain in ending inventory?fill in the blank 4d8e7ff35fc6014_2 units What is the cost of ending inventory using variable costing?$fill in the blank 4d8e7ff35fc6014_3 Question Content Area 3. Prepare a variable-costing…
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Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 47,000 units during the month with the following unit costs: Direct materials $4.80 Direct labor 2.80 Variable overhead 1.40 Fixed overhead* 6.80 Variable marketing cost 1.10 * Fixed overhead per unit = $319,600 / 47,000 units produced = $6.80 Total fixed factory overhead is $319,600 per month. During October, 46,000 units were sold at a price of $24.5, and fixed marketing and administrative expenses were $117,600. Required: 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank ce3411029f88017_1 per unit 2. How many units remain in ending inventory?fill in the blank ce3411029f88017_2 units What is the cost of ending inventory using variable costing?$fill in the blank ce3411029f88017_3 3. Prepare a variable-costing income statement for Pattison Products,…
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