The following information is available for SAN JOSE CORP.'s new product line: Sale price per unit Variable manufacturing cost per unit of production Total annual fixed manufacturing cost Variable administrative cost per unit Total annual fixed administrative expenses There was no inventory at the beginning of the year. Normal capacity is 12,500 units. During the year, 12,000 units were procuced and 10,000 units were sold. REQUIREMENTS: (1) What is the cost of ending inventory under direct costing and absorption costing, respectively? (2) What is the net income under direct costing and absorption costing, respectively? P 30 8. 25,000 3 15,000

The following information is available for SAN JOSE CORP.'s new product line: Sale price per unit Variable manufacturing cost per unit of production Total annual fixed manufacturing cost Variable administrative cost per unit Total annual fixed administrative expenses There was no inventory at the beginning of the year. Normal capacity is 12,500 units. During the year, 12,000 units were procuced and 10,000 units were sold. REQUIREMENTS: (1) What is the cost of ending inventory under direct costing and absorption costing, respectively? (2) What is the net income under direct costing and absorption costing, respectively? P 30 8. 25,000 3 15,000

Name: The following information is available for SAN JOSE CORP.'s new produ
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Description: The following information is available for SAN JOSE CORP.'s new product line:Sale price per unitVariable manufacturing cost per unit of productionTotal annual fixed manufacturing costVariable administrative cost per unitTotal annual fixed administra

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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(b) For 2018, SQU Company had sales of 150,000 units and production of 200,000 units. There was no beginning inventory. Other information for the year included: Direct manufacturing labor Direct materials Fixed administrative expenses 100,000 Fixed manufacturing overhead 187,500 Variable manufacturing overhead 100,000 100,000 200,000 150,000 Variable selling expenses You are required to calculate under both the variable and absorption costing methoda the: inventoriable cost per unit, (i) Ending inventory, and (m) Cost of goods sold.
lagan, Inc. has collected the following data. (There are no beginning inventories.) Units produced Sales price 700 units $120 per unit Direct materials $50 per unit Direct labor Fixed manufacturing overhead $12 per unit Variable manufacturing overhead $9 per unit $17,500 per year Variable selling and administrative costs $4 per unit $18,000 per year Fixed selling and administrative costs What is the ending balance in Finished Goods Inventory using variable costing if 400 units are sold? OA. $21,300 OB. $15,000 C. $18,600 D. $6,300
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000; Overapplied overhead OMR15,000; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000
What would be NUBD’s finished goods inventory at December 31, 2021 under the absorption costing method?
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Peta, SA manufactures a single product that had the following cost structure this year: Variable Manufacturing Cost per unit: $15 Variable Selling and Administrative cost per unit: $8 Fixed Manufacturing Cost, Total: $261,000 Fixed Selling and Administrative Costs, Total: $132,000 They sold 13,000 units for $60 each during the year, and produced 21,000 units. What is the ending finished goods inventory under variable costing? Select one: A. $99,429 less than under absorption costing. B. $50,286 less than under absorption costing. C. $114,286 less than under absorption costing. D. $120,000 less than under absorption costing. E. $64,000 less than under absorption costing.
Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. Sales price $ 57.50 per unit Direct materials $ 10.50 per unit Direct labor $ 8.00 per unit Variable overhead $ 12.50 per unit Fixed overhead $ 1,237,500 per year 1. Compute gross profit assuming (a) 75,000 units are produced and 75,000 units are sold and (b) 110,000 units are produced and 75,000 units are sold.2. By how much would the company’s gross profit increase or decrease from producing 35,000 more units than it sells?
The amount of ending inventory if absorption costing method was used
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,0003; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000 The correct answer is: OMR95,000
1. What would be Greg's finished goods inventory at December 31, 2021 under the absorption costing method?
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