Question

During its first year of operation Mazer Manufacturing Company produced 11,500 units of inventory and sold...

During its first year of operation Mazer Manufacturing Company produced 11,500 units of inventory and sold 2,750 units. Mazer incurred variable product cost of $2.1 per unit and $16,560 of fixed manufacturing overhead costs. The sales price of the products was $11.5 per unit. Determine the amount of gross margin Mazer would report if the company uses absorption costing and net income using variable costing. (Do not round intermediate calculations.)

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
Assume a company produced 12,500 units and sold 11,500 units in its first year of operations....
Assume a company produced 12,500 units and sold 11,500 units in its first year of operations. It also reported absorption costing net operating income of $40,000 and variable costing net operating income of $28,000. How much fixed manufacturing overhead per unit must be included in the company’s absorption costing unit product cost? Multiple Choice $10 $12 $14 $16
A company produced 50,000 units during it first year of operation. It sold 47,300 units at...
A company produced 50,000 units during it first year of operation. It sold 47,300 units at $15.50 per unit. Direct Materials $128,000 Direct Labor $93,000 Variable Overhead $65,000 Fixed Overhead $51,000 Variable Selling Expenses $1.10 Selling & Admin Costs $154,000 Prepare Absorption and Variable Costing Income Statements
Inventory Valuation under Absorption Costing Amiens Company produced 20,000 units during its first year of operations...
Inventory Valuation under Absorption Costing Amiens Company produced 20,000 units during its first year of operations and sold 18,900 at $17 per unit. The company chose practical activity—at 20,000 units—to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $ 80,000 Direct labor 101,400 Variable overhead 15,600 Fixed overhead 54,600 Required: 1. Calculate the unit cost for each of these four costs. Round your answers to the nearest cent. Direct Materials Cost $ Direct Labor Cost $...
Inventory Valuation under Absorption Costing Amiens Company produced 20,000 units during its first year of operations...
Inventory Valuation under Absorption Costing Amiens Company produced 20,000 units during its first year of operations and sold 18,900 at $17 per unit. The company chose practical activity—at 20,000 units—to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $ 80,000 Direct labor 101,400 Variable overhead 15,600 Fixed overhead 54,600 Required: 1. Calculate the unit cost for each of these four costs. Round your answers to the nearest cent. Direct Materials Cost $ Direct Labor Cost $...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials,...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $3 per unit, Variable overhead, $5 per unit, and Fixed overhead, $296,000. The company produced 37,000 units, and sold 29,000 units, leaving 8,000 units in inventory at year-end. Income calculated under variable costing is determined to be $405,000. How much income is reported under absorption costing?
chp 8 12) Inventory Valuation under Absorption Costing Hansard Company produced 39,310 units during its first...
chp 8 12) Inventory Valuation under Absorption Costing Hansard Company produced 39,310 units during its first year of operations and sold 38,895 at $17 per unit. The company chose practical activity—at 39,310 units—to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $83,650 Direct labor 101,200 Variable overhead 15,800 Fixed overhead 50,300 Required: 1. Calculate the unit cost for each of these four costs. Round your answers to the nearest cent. Unit direct materials cost $ Unit...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 units × $45 per unit) $ 3,600,000 Cost of goods sold Beginning inventory $ 0 Cost of goods manufactured (100,000 units × $25 per unit) 2,500,000 Cost of good available for sale 2,500,000 Ending inventory (20,000 × $25) 500,000 Cost of goods sold 2,000,000 Gross margin 1,600,000 Selling and administrative...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials,...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $2 per unit, Variable overhead, $4 per unit, and Fixed overhead, $324,000. The company produced 36,000 units, and sold 28,500 units, leaving 7,500 units in inventory at year-end. Income calculated under variable costing is determined to be $400,000. How much income is reported under absorption costing? Multiple Choice $400,000 $332,500 $724,000 $467,500 $381,000 Urban Company reports the following information...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials,...
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $290,000. The company produced 29,000 units, and sold 19,500 units, leaving 9,500 units in inventory at year-end. Income calculated under variable costing is determined to be $365,000. How much income is reported under absorption costing? Multiple Choice $365,000 $460,000 $329,000 $655,000 $270,000 Jeter Corporation had net income of...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 units × $45 per unit) $ 3,600,000 Cost of goods sold Beginning inventory $ 0 Cost of goods manufactured (100,000 units × $25 per unit) 2,500,000 Cost of goods available for sale 2,500,000 Ending inventory (20,000 × $25) 500,000 Cost of goods sold 2,000,000 Gross margin 1,600,000 Selling and administrative...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT