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accounting week 5

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Question;Brief;Exercise 18-8;Meriden Company has a unit selling price of;$760, variable costs per unit of $380, and fixed costs of $332,120.;Compute the break-even point in units using the mathematical equation.;Brief;Exercise 18-10;For Turgo Company, variable costs are 56%;of sales, and fixed costs are $187,100. Management?s net income goal is;$82,092.;Compute the required sales in dollars needed to achieve management?s target net;income of $82,092.;Brief;Exercise 18-11;For Kozy Company, actual sales are $1,114,000 and break-even sales;are $735,240.;Compute the margin of safety in dollars and the margin of safety ratio.;Brief;Exercise 19-16;Montana Company produces basketballs. It;incurred the following costs during the year.;Direct materials;$14,248;Direct labor;$25,442;Fixed manufacturing;overhead;$9,709;Variable manufacturing;overhead;$31,921;Selling costs;$21,138;What are the total product costs for the company under variable costing?;Brief;Exercise 19-16;Montana Company produces basketballs. It;incurred the following costs during the year.;Direct materials;$14,248;Direct labor;$25,442;Fixed manufacturing;overhead;$9,709;Variable manufacturing;overhead;$31,921;Selling costs;$21,138;What are the total product costs for the company under variable costing?;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;$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;$239,522;Fixed selling and administrative expenses;$247,303;Polk Company sells the fishing lures for $25.75. During 2012, the;company sold 80,000 lures and;produced 94,300 lures.;(a);Assuming the company uses variable;costing, calculate Polk?s manufacturing cost per unit for 2012.(Round answer to 2;decimal places, e.g.10.50.);Manufacturing cost per unit;$;(b);Prepare a variable costing income statement;for 2012.;POLK COMPANY;Income Statement;For the Year Ended December 31, 2012;Variable Costing;$;$;$;(c);Assuming the company uses absorption;costing, calculate Polk?s manufacturing cost per unit for 2012.(Round answer to 2;decimal places, e.g.10.50.);Manufacturing cost per unit;$;(d);Prepare an absorption costing income;statement for 2012.;POLK COMPANY;Income Statement;For the Year Ended December 31, 2012;Absorption Costing;$;$;Brief Exercise 21-1;For the quarter ended March 31, 2012;Maris Company accumulates the following sales data for its product;Garden-Tools: $326,000 budget, $332,000 actual.;Prepare a static budget report for the quarter.;MARIS COMPANY;Sales Budget Report;For the Quarter Ended March 31, 2012;Product Line;Budget;Actual;Difference;Garden-Tools;$;$;$;Brief Exercise 21-4;Gundy Company expects to produce 1,212,840 units;of Product XX in 2012. Monthly production is expected to range;from 71,900 to 114,000 units. Budgeted variable;manufacturing costs per unit are: direct materials $4, direct labor $7;and overhead $10. Budgeted fixed manufacturing costs per unit for;depreciation are $6 and for supervision are $3.;Prepare a flexible manufacturing budget for the relevant range value;using 21,050 unit increments.(List variable costs before fixed costs.);GUNDY COMPANY;Monthly Flexible Manufacturing Budget;For the Year 2012;$;$;$;$;$;$;$;$;$

 

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