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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.

Standard ;costs

; ; ;
; ;

Materials ;(4 ;ounces ;at ;$4)

; ;

;$16 ;

; ;

Direct ;labor ;(1 ;hour ;per ;unit)

; ;

;$7 ;

; ;

Variable ;overhead ;(based ;on ;direct ;labor ;hours)

; ;

;$3.50 ;

;

Fixed ;overhead ;budget

$16,000 ;

; ;
; ; ; ; ; ; ;
;

Actual ;results ;and ;costs

; ; ;
; ;

Materials ;purchased

; ; ;
; ; ;

Units

10,000 ;

; ;
; ; ;

Cost

$38,500 ;

; ;
; ;

Materials ;used ;in ;production

; ; ;
; ; ;

Finished ;product ;units

2,200 ;

; ;
; ; ;

Raw ;material ;(ounces)

9,500 ;

; ;
; ; ;

Direct ;labor ;hours

2,200 ;

; ;
; ; ;

Direct ;labor ;cost

$18,000 ;

; ;
; ; ;

Variable ;overhead ;costs

$8,400 ;

; ;
; ; ;

Fixed ;overhead ;costs

$16,200 ;

; ;
; ; ; ; ; ; ;

Required:

; ; ; ;

Compute ;the ;following ;variances ;(show ;calculations).

; ; ;
;

a. ;Materials ;usage ;variance

; ; ;
;

b. ;Labor ;rate ;variance

; ; ;
;

-c. ;Fixed ;overhead ;budget ;variance

; ; ;

(Points : 30)

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