Accounting

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Cost (50 points)

Paint More LLC has organized a new division to manufacture and sell specialty paint.  The division’s monthly costs are shown below:

Manufacturing costs:
Variable costs per unit:
 Direct materials$12
Variable manufacturing overhead$1
Fixed manufacturing overhead costs (total)$100,000
Selling and administrative costs: 
 Variable7% of sales
Fixed (total)$31,000
Because the production is highly automated, the company includes its labor costs in its fixed manufacturing overhead.  The gallons of paint sell for $68 each.  During September, the first month of operations, the following activity was recorded:

Units produced 5,000
Units sold 4,000

Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:
  1. Compute the unit product cost under:
    1. Absorption costing
    2. Variable costing
  2. Prepare an absorption costing income statement for September
  3. Prepare a contribution format income statement for September using variable costing
 

 

    • 10 years ago
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