Question

Budgeted Information for Moshi Ltd is shown below. The budget was to produce 1,000 units which...

Budgeted Information for Moshi Ltd is shown below.

The budget was to produce 1,000 units which they did.

The company sold 700 units.

£

Direct Materials 7
Indirect Materials (Variable) 2
Direct Labour 8
Indirect Labour (Variable) 5
Other variable Factory Overhead 4
Fixed Factory Overhead 25
Variable Selling Expenses 6
Fixed Selling Expenses 14

There was no opening inventory.

QUESTIONS:

The manufacturing cost per unit using marginal costing is £????

The manufacturing cost per unit using absorption costing is £????

The value of the closing inventory using marginal costing is £????

The value of the closing inventory using absorption costing is £????

The cost of goods manufactured using absorption costing is £????

The cost of goods sold using absorption costing is £????

Show working. Show the equation used.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sparn Limited incurs the following costs to produce and sell a single product:   Variable costs per...
Sparn Limited incurs the following costs to produce and sell a single product:   Variable costs per unit:      Direct materials $ 10      Direct labour 5      Variable manufacturing overhead 2      Variable selling and administrative expenses 4   Fixed costs per year:      Fixed manufacturing overhead 90,000      Fixed selling and administrative expenses 300,000 During the last year, 30,000 units were produced and 25,000 units were sold. The Finished Goods Inventory account at the end of the year shows a balance of $85,000 for the 5,000...
QUESTION 3 (20 Marks) The following information relates to the only product made by Ace Limited...
QUESTION 3 The following information relates to the only product made by Ace Limited for the year ended 31 May 2020: Opening inventory 0 Number of units manufactured 9 000 Number of units sold (at R540 per unit) 7 200 Direct materials cost per unit R90 Direct labour cost per unit R180 Variable manufacturing overheads cost per unit R90 Variable selling expenses per unit R20 Fixed manufacturing overheads cost R450 000 Fixed selling and administrative expenses R180 000 Required: Draft...
For the current year, Nguyen Inc., had sales of 75,000 units and production of 100,000 units....
For the current year, Nguyen Inc., had sales of 75,000 units and production of 100,000 units. Assume the production volume variance is written-off to other expense at the end of the period. Information for the year included: (8) Carry unit cost calculations to 3 decimal places. Direct manufacturing labour                       $187,500 Variable manufacturing overhead                 100,000 Direct materials                                           150,000 Variable selling expenses                            100,000 Fixed administrative expenses                     100,000 Fixed manufacturing overhead                     200,000 There was no beginning inventory. a. Calculate the unit cost under...
A business operated at 100% of capacity during its first month, with the following results: Sales...
A business operated at 100% of capacity during its first month, with the following results: Sales (99 units) $534,600 Production costs (124 units):    Direct materials $72,384    Direct labor 18,481    Variable factory overhead 32,342    Fixed factory overhead 30,801 154,008 Operating expenses:    Variable operating expenses $6,251    Fixed operating expenses 3,704 9,955 The amount of gross profit that would be reported on the absorption costing income statement is a. $401,687 b. $405,391 c. $411,642 d. $534,476 On October 31, the end of the...
Income Statements under Absorption and Variable Costing Patagucci Inc. manufactures and sells athletic equipment. The company...
Income Statements under Absorption and Variable Costing Patagucci Inc. manufactures and sells athletic equipment. The company began operations on August 1, 2016, and operated at 100% of capacity (38,500 units) during the first month, creating an ending inventory of 3,500 units. During September, the company produced 35,000 garments but sold 38,500 units at $80 per unit. The September manufacturing costs and selling and administrative expenses were as follows: Number of Units Unit Cost Total Cost Manufacturing costs in September beginning...
ABC Co. sells its product for $60 per unit. During 2019, it produced 70,000 units and...
ABC Co. sells its product for $60 per unit. During 2019, it produced 70,000 units and sold 60,000 units (there was no beginning inventory). Costs per unit are: direct materials $14, direct labor $8, and variable manufacturing overhead $3. Fixed costs are: $721,000 manufacturing overhead, and $90,000 selling and administrative expenses Cost of goods sold under absorption costing is?
At the end of the first year of operations, 23,200 units remained in the finished goods...
At the end of the first year of operations, 23,200 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. a. Cost of the finished goods inventory under the absorption costing: $ b. Cost of the finished goods inventory under the variable costing: $ Direct materials $24 Direct...
At the end of the first year of operations, 6,500 units remained in the finished goods...
At the end of the first year of operations, 6,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $33.00 Direct labor 18.60 Fixed factory overhead 5.60 Variable factory overhead 4.90 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing $ Variable costing $
Below is the variable costing income statement for South Bend Co.:          Sales, 6,000 units                    &nbsp
Below is the variable costing income statement for South Bend Co.:          Sales, 6,000 units                                                                    $210,000 Total variable costs:          Beg. inventory,           680 units             $13,600          Variable manufacturing cost of          goods manufactured,    ? units           + 132,000          Ending inventory,     1,280 units           - (25,600)          Variable manufacturing cost of goods $120,000          Variable selling & admin. exp.             + 24,900     ($144,900) Contribution margin                                                                $65,100 Total fixed costs:          Fixed factory overhead                ...
Hayes Inc. provided the following information for the current year: Beginning inventory 300 units Units produced...
Hayes Inc. provided the following information for the current year: Beginning inventory 300 units Units produced 950 units Units sold 994 units Selling price $ 350 /unit Direct materials $ 55 /unit Direct labor $ 36 /unit Variable manufacturing overhead $ 35 /unit Fixed manufacturing overhead $ 49,400 /year Variable selling/administrative costs $ 28 /unit Fixed selling/administrative costs $ 35,500 /year What is the unit product cost for the year using variable costing? Multiple Choice $178 $126 $154 $228 $228...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT