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1. (TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit. Variable costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are $60,000 per month.
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Required:
Determine each of the following values.
a. Unit contribution margin
b. Monthly break-even unit sales volume ;
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Create a contribution margin-based income statement. (Points : 30) ;
2. (TCO 7) Darling Manufacturing Inc. manufactures two products, A and B, from a joint process. A single production costs $5,000 and results in 200 units of A and 800 units of B. To be ready for sale, both products must be processed further, incurring seperable costs of $3 per unit for A and $4 per unit for B. The market price for Product A is $15 and for Product B is $10.
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Required: Allocate joint production costs to each product using the net realizable value method. (Points : 30) ;
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3.(TCO 6) Santa Inc. manufactures toys based on the following information.
Standard ;costs |
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Materials ;(4 ;ounces ;at ;$4) |
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;$16 ; |
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Direct ;labor ;(1 ;hour ;per ;unit) |
; | ; |
;$7 ; |
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Variable ;overhead ;(based ;on ;direct ;labor ;hours) |
; | ; |
;$3.50 ; |
; |
Fixed ;overhead ;budget |
$16,000 ; |
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Actual ;results ;and ;costs |
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Materials ;purchased |
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Units |
10,000 ; |
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Cost |
$38,500 ; |
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Materials ;used ;in ;production |
; | ; | ; |
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Finished ;product ;units |
2,200 ; |
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Raw ;material ;(ounces) |
9,500 ; |
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Direct ;labor ;hours |
2,200 ; |
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Direct ;labor ;cost |
$18,000 ; |
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Variable ;overhead ;costs |
$8,400 ; |
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Fixed ;overhead ;costs |
$16,200 ; |
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Required: |
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Compute ;the ;following ;variances ;(show ;calculations). |
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a. ;Materials ;usage ;variance |
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b. ;Labor ;rate ;variance |
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-c. ;Fixed ;overhead ;budget ;variance |
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(Points : 30)