ACC 561 Week 5 Assignment WileyPLUS

Question 1

ACC 561 Week 5 Assignment WileyPLUS

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Brief Exercise 18-8
Meriden Company has a unit selling price of $590, variable costs per unit of $354, and fixed costs of $203,432.

Compute the break-even point in units using the mathematical equation.
Break-even point
units

Brief Exercise 18-10
For Turgo Company, variable costs are 57% of sales, and fixed costs are $178,700. Management’s net income goal is $82,525.

Compute the required sales in dollars needed to achieve management’s target net income of $82,525.
Required sales $

Brief Exercise 18-11
For Kozy Company, actual sales are $1,270,000 and break-even sales are $825,500.

Compute the margin of safety in dollars and the margin of safety ratio.
Margin of safety $

Margin of safety ratio
%

Brief Exercise 19-16
Montana Company produces basketballs. It incurred the following costs during the year.
Direct materials $14,283
Direct labor $25,755
Fixed manufacturing overhead $10,420
Variable manufacturing overhead $32,191
Selling costs $20,932

What are the total product costs for the company under variable costing?
Total product costs $

Exercise 19-17

Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.
Variable Cost per Unit
Direct materials $8.25
Direct labor $2.70
Variable manufacturing overhead $6.33
Variable selling and administrative expenses $4.29

Fixed Costs per Year
Fixed manufacturing overhead $260,032
Fixed selling and administrative expenses $264,110

Polk Company sells the fishing lures for $27.50. During 2012, the company sold 81,100 lures and produced 95,600 lures.

a.) Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)
Manufacturing cost per unit $

(b.) Prepare a variable costing income statement for 2012.

(C.) Assuming the company uses absorption costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)
Manufacturing cost per unit $

(D.) Prepare an absorption costing income statement for 2012.

Brief Exercise 21-1

For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $329,400 budget; $330,600 actual.

Prepare a static budget report for the quarter.

MARIS COMPANY
Sales Budget Report
For the Quarter Ended March 31, 2012
Product Line        Budget        Actual        Difference
Garden-Tools        $  
    $  
    $  

Brief Exercise 21-4

Gundy Company expects to produce 1,276,560 units of Product XX in 2012. Monthly production is expected to range from 85,120 to 130,440 units. Budgeted variable manufacturing costs per unit are: direct materials $3, direct labor $7, and overhead $10. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2.

Prepare a flexible manufacturing budget for the relevant range value using 22,660 unit increments. (List variable costs before fixed costs.)

Answer 1

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