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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.
Required:
Determine each of the following values.
a. Unit contribution margin
b. Monthly break-even unit sales volume
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.
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.
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Standard costs |
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Materials (4 ounces at $4) |
$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 |
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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 |
(Points : 30)
