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Description / Instructions: Complete the following in WileyPLUS: *Brief Exercise 18-8 *Brief Exercise 18-10 *Brief Exercise 18-11 *Brief Exercise 19-16 *Exercise 19-17 *Brief Exercise 21-1 *Brief Exercise 21-4
Description / Instructions: Complete the following in WileyPLUS: *Brief Exercise 18-8 *Brief Exercise 18-10 *Brief Exercise 18-11 *Brief Exercise 19-16 *Exercise 19-17 *Brief Exercise 21-1 *Brief Exercise 21-4
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Question 1
Meriden Company has a unit selling price of $630, variable costs per unit of $378, and fixed costs of $200,340.
Compute the break-even point in units using the mathematical equation.
Break-even point
units
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Question 2
For Turgo Company, variable costs are 58% of sales, and fixed costs are $180,600. Management’s net income goal is $82,320.
Compute the required sales in dollars needed to achieve management’s target net income of $82,320.
Required sales
$
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Question 3
For Kozy Company, actual sales are $1,208,000 and break-even sales are $736,880.
Compute the margin of safety in dollars and the margin of safety ratio.
Margin of safety
$
Margin of safety ratio
%
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Question 4
Montana Company produces basketballs. It incurred the following costs during the year.
Direct materials
$14,384
Direct labor
$25,250
Fixed manufacturing overhead
$10,260
Variable manufacturing overhead
$31,798
Selling costs
$20,948
What are the total product costs for the company under variable costing?
Total product costs
$
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Question 5
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
$7.73
Direct labor
$2.52
Variable manufacturing overhead
$5.92
Variable selling and administrative expenses
$4.02
Fixed Costs per Year
Fixed manufacturing overhead
$241,554
Fixed selling and administrative expenses
$247,303
Polk Company sells the fishing lures for $25.75. During 2012, the company sold 80,600 lures and produced 95,100 lures.
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
$
Prepare a variable costing income statement for 2012.
POLK COMPANY
Income Statement
For the Year Ended December 31, 2012
Variable Costing
$
$
$
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
$
Prepare an absorption costing income statement for 2012.
POLK COMPANY
Income Statement
For the Year Ended December 31, 2012
Absorption Costing
$
$
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Question 6
For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $327,200 budget; $339,700 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
$
$
$
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Question 7
Gundy Company expects to produce 1,237,920 units of Product XX in 2012. Monthly production is expected to range from 77,800 to 121,160 units. Budgeted variable manufacturing costs per unit are: direct materials $3, direct labor $6, and overhead $9. 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 21,680 unit increments.
(List variable costs before fixed costs.)
GUNDY COMPANY
Monthly Flexible Manufacturing Budget
For the Year 2012
$
$
$
$
$
$
$
$
$
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