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Maxwell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations:
Variable costs per unit: Manufacturing:Direct materials $18Direct labor $7Variable manufacturing overhead $2Variable selling and administrative $2Fixed costs per year:Fixed manufacturing overhead $200,000Fixed selling and administrative expenses $110,000
1. Assume that the company uses absorption costing:a.Compute the unit product cost.b.Prepare an income statement for the year.
2. Assume that the company uses variable costing:a. Compute the unit product cost.b. Prepare an income statement for the year.
3. The company's controller believes that the company should have set last year's selling price at $51 instead of $50 per unit. She estimates the company could have sold 15,000 units at a price of $51 per unit, thereby increasing the company's gross margin by $2,000 and its net operating income by $4,000. Assuming the controller's estimates are accurate, do you think the price increase would have been a good idea?
cajun corporation manufactures a labor-intensive product.the cost standards developed by cajun appear below.
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