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Oct 25th, 2013
Anonymous
Category:
Accounting
Price: $30 USD

Question description

1. (TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit. Variable costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are $60,000 per month.
 
Required:
Determine each of the following values.
a. Unit contribution margin
b. Monthly break-even unit sales volume 
 
Create a contribution margin-based income statement. (Points : 30) 

2. (TCO 7) Darling Manufacturing Inc. manufactures two products, A and B, from a joint process. A single production costs $5,000 and results in 200 units of A and 800 units of B. To be ready for sale, both products must be processed further, incurring seperable costs of $3 per unit for A and $4 per unit for B. The market price for Product A is $15 and for Product B is $10.
 
Required: Allocate joint production costs to each product using the net realizable value method. (Points : 30) 

3.(TCO 6) Santa Inc. manufactures toys based on the following information.

Standard costs

     
   

Materials (4 ounces at $4)

   

 $16 

   

Direct labor (1 hour per unit)

   

 $7 

   

Variable overhead (based on direct labor hours)

   

 $3.50 

 

Fixed overhead budget

$16,000 

   
             
 

Actual results and costs

     
   

Materials purchased

     
     

Units

10,000 

   
     

Cost

$38,500 

   
   

Materials used in production

     
     

Finished product units

2,200 

   
     

Raw material (ounces)

9,500 

   
     

Direct labor hours

2,200 

   
     

Direct labor cost

$18,000 

   
     

Variable overhead costs

$8,400 

   
     

Fixed overhead costs

$16,200 

   
             

Required:

       

Compute the following variances (show calculations).

     
 

a. Materials usage variance

     
 

b. Labor rate variance

     
 

-c. Fixed overhead budget variance

     
(Points : 30)


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