Solution-Prepare profit statement to show the actual results

Prepare profit statement to show the actual results

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Reference no: EM132608068

A company manufactures and sells a single product. Budgeted costs for a period are:

per unit for the period

Direct materials $ 5·60

Direct labour $ 4·20

Variable production overhead $ 0·70

Variable administration overhead $ 0·50

Fixed production overhead $ 78,000

Fixed administration overhead $ 42,000

If absorption costing is used, the predetermined fixed production overhead absorption rate will be $ 6.50 per unit based on budgeted production of 12,000 units.

During the period 12,800 units of the product were manufactured. 12,300 units were sold at an average price of $ 24 per unit. Actual costs in the period were as budgeted.

REQUIRED

Question 1: Using marginal costing, prepare profit statement to show the actual results for the period.

Reference no: EM132608068

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Prepare profit statement to show the actual results

Reference no: EM132608068

Reference no: EM132608068

Reviews

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Accounting Basics Questions & Answers

Cost of inspection and budgeted amount

In which account should purchase of cd raw material recorded

Find the amount of dividends paid each year

When inherent risk is high, there will need to be

Determine the net present value for each machine

Jennifers basis for the stock immediately before the sale

Based on predicted production of 19000 units a company

Finding total applied overhead

What are the issues involved in resolving legal disputes

Cash provided by operations cover the investing activities

Calculate the arr

Differences between horizontal, vertical-conglomerate merger

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