Question

15. Farris Corporation, which has only one product, has provided the following data concerning its most...

15. Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price $ 156
Units in beginning inventory 0
Units produced 9,500
Units sold 9,100
Units in ending inventory 400
Variable costs per unit:
Direct materials $ 29
Direct labor $ 71
Variable manufacturing overhead $ 17
Variable selling and administrative expense $ 21
Fixed costs:
Fixed manufacturing overhead $ 142,500
Fixed selling and administrative expense $ 9,900

What is the net operating income for the month under absorption costing?

Homework Answers

Answer #1
unit product cost under Absorption costing
direct materials 29
direct labor 71
variable manufacturing overhead 17
fixed manufacturing overhead d (142,500/9,500) 15
unit product cost 132
Sales (9,100*156) 1419600
less:Variable cost of good sold (9,100*132) 1201200
Gross profit 218400
Selling and administrative expense
variable selling expens (9,100*21) 191100
Fixed selling & adm expense 9,900 201,000
Net operating income 17,400 answer
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