Classify Costs Peak Apparel Co. manufactures a variety of clothing types for distribution to several major retail chains. The following costs are incurred in the production and sale of blue jeans: Instructions: Identify each cost listed below as a variable cost, fixed cost, or mixed cost. a. Shipping boxes used to ship orders   b. Consulting fee of $200,000 paid to industry specialist for marketing advice   c. Straight-line depreciation on sewing machines   d. Salesperson’s salary, $10,000 plus 2% of the total sales   e. Fabric   f. Dye   g. Thread   h. Salary of designers   i. Brass buttons   j. Legal fees paid to attorneys in defense of the company in a patent infringement suit, $50,000 plus $87 per hour   k. Insurance premiums on property, plant, and equipment, $70,000 per year plus $5 per $30,000 of insured value over $8,000,000   l. Rental costs of warehouse, $5,000 per month plus $4 per square foot of storage used   m. Supplies   n. Leather for patches identifying the brand on individual pieces of apparel   o. Rent on plant equipment, $50,000 per year   p. Salary of production vice president   q. Janitorial services, $2,200 per month   r. Wages of machine operators   s. Electricity costs of $0.10 per kilowatt-hour   t. Property taxes on property, plant, and equipment

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V. Prepare a CONTRIBUTION MARGIN (also known as variable costing) income statement given a traditional (also known as absorption costing) income statement Bruno Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year: B C D 1 2 3 Bruno Industries Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 5 Sales revenue 6 Less: Cost of goods sold 7 Gross profit 8 Less: Operating expenses 9 Operating income $ 406,000 329,000 $ 77,000 73,000 $ 4,000 10 The company produced 8,000 units and sold 7,000 units during the year ending December 31. Fixed manufacturing overhead (MOH) for the year was $152,000, while fixed operating expenses were $62,000. The company had no beginning inventory. Requirements 1. Will the company's operating income under variable costing be higher, lower, or the same as its operating income under absorption costing? Why? 2. Prepare a variable costing income…

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Subject: acounting

Value- and Non-Value-Added Cost Reporting Cicleta Manufacturing has four activities: receiving materials, assembly, expediting products, and storing goods. Receiving and assembly are necessary activities; expediting and storing goods are unnecessary. The following data pertain to the four activities for the year ending 2014 (actual price per unit of the activity driver is assumed to be equal to the standard price): Activity Activity Driver SQ AQ SP Receiving       Receiving orders 10,400     28,500     $18     Assembly       Labor hours 117,000     142,500     13     Expediting       Orders expedited 0     9,500     43     Storing       Number of units 0     19,000     6     Required: 1. Prepare a cost report for the year ending 2014 that shows value-added costs, non-value-added costs, and total costs for each activity. If an amount is zero, enter "0". Cicleta Manufacturing Value and Non-Value-Added Cost Report For the Year Ended 2014 Activity Value-Added…

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A firm makes a range of running shoes. There are three models – Short; Middle; and Long distance. The products are aimed at different segments of the market. Product costs are computed using an overhead rate based on the labour hour method. Selling prices are set on full cost plus 20%. A unit refers to a pair of running shoes. The following information is available:     Short distance Middle distance Long distance Direct material cost per unit $25 $35 $40 Labour hours per unit 2 hrs 2 hrs 2 hrs Labour rate per hour $12 $12 $12 Total labour hours used 120,000 hrs 24,000 hrs 16,000 hrs Total number of units 60,000 units 12,000 units 8,000 units   Cost driver information:     Short distance Middle distance Long distance No. of machine hours 60,000 48,000 48,000 No. of material orders 30 100 200 No. of sales orders 12 48 63   The total overhead costs for the business amount to $1.2…

Morning Company reports the following information for March: E (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the gross profit and operating income for March using absorption costing. Morning Company Income Statement (Absorption Costing) For the Month Ended March 31 Data Table Net Sales Revenue 67,850 Variable Cost of Goods Solłd 19,300 Operating income Fixed Cost of Goods Sold 8,400 Variable Selfing and Administrative Costs 16,500 Requirements Fixed Selling and Administrative Costs 3,800 1. Calculate the gross profit and operating income for March using absorption costing. 2. Calculate the contribution margin and operating income for March using variable costing. Print Done