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Managerial Accounting – Test 2 (Chapters 5, 7, and 8)

Variable and Absorption costing and Income StatementsWe manufacture and sell Dinner Tables.Manufacturing costs:Fixed overheadVariable overheadDirect laborDirect materials $300,000$5 per table$10 per table$20 per table Beginning inventoryTables producedTables Sold 0 Tables100,00095,000 Selling and administrative costs:FixedVariableThe table sells for $500,000$15 Per table sold $100 The company uses absorption costing, calculate the manufacturing cost per unit.Absorption Manufacturing Costs Per Table Prepare an absorption costing income statement.Tables R USIncome StatementFor the Month Ended July 31, 20XXAbsorption Costing Sales The company uses variable costing, calculate the manufacturing cost per unit.Variable Manufacturing Costs Per Table Prepare an variable costing income statement.Tables R USIncome StatementFor the Month Ended July 31, 20XXVariable Costing Sales Net income Problem 2 20 points Use the following data:Activity Cost PoolPurchasingReceivingAssemblingTestingFinishingPacking and shipping EstimatedOverhead$60,00040,000200,00050,000100,00070,000$520,000 Number of Units CurlersExpectedUse ofDrivers2007005,0002,00070,0002,000 DryersExpectedUse ofDriversTotal Activity300500 Orders9001,600 Pounds15,00020,000 Number of Parts3,0005,000 Number of Tests30,000100,000 D. L. Hours5,0007,000 Cartons 50,000 40,000 Part 1 – Plantwide MOH and Unit costA. Based on the estimated 100,000 direct labor hours and the estimated MOH of $520,000, what would theplantwide application rate be per direct labor hour? B. Get a cost PER UNIT for the Curler and Dryer.Apply MOH based on your application rate above, and assume it takes 1 Direct Labor hourfor the Curler, and 2 Direct Labor hours for the Dryer.ProductsManufacturing CostsDirect Materials per unitDirect Labor per unitMOH per unitTotal Unit Cost Curler$5.00$8.00 Dryer$9.00$16.00 Part 2 – Activity based MOH and Unit CostA. Determine the MOH rate per unit for the Curler and DryerActivity Cost Pool PurchasingReceivingAssemblingTestingFinishingPacking and shipping Activity Cost Pool EstimatedOverhead ÷ ÷÷÷÷÷÷ ExpectedUse ofDrivers Expected Use of Driversin totalOrdersPoundsNumber of PartsNumber of TestsD.L. hoursCartons Activity-BasedOverhead Rate ======= OrdersPoundsNumber of PartsNumber of TestsD. L. HoursCartons Curler Dryer ActivityBasedOverheadRates ActivityBasedOverheadRates ExpectedUse ofDrivers CostAssigned PurchasingReceivingAssemblingTestingFinishingPacking and shippingTotal costs assignedUnits producedOverhead cost per unitB. Get a cost PER UNIT for the Curler and Dryer.ProductsManufacturing CostsDirect Materials per unitDirect Labor per unitMOH per unitTotal Unit Cost Curler$5.00$8.00 Dryer$9.00$16.00 CostAssigned Problem 3Use the following data:Produced & SoldVariable expense per unitSelling price per unit 10 pointsBlendersCoffee Makers50,00020,000 units$10$20$18$50 Fixed costs = $120,000 of which $40,000 can be avoided if the blenders are not producedand $50,000 avoided if the coffee makers are not produced.1. Prepare segmented Income statement separating direct and common fixed costs BlendersSalesLess: Variable cost of goods soldContribution marginLess: Direct fixed expensesSegment marginLess: Common fixed expensesOperating income Coffee Makers Total

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