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Homework answers / question archive / Dozier Company produced and sold 1000 units during its first month of operations
Dozier Company produced and sold 1000 units during its first month of operations. It reported the following costs and expenses for the month $ 78,000 $ 39,500 518,68 30.700 $ 49,3ee Direct materials Direct labor Vartable manufacturing overhead Filed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $ 13,800 21,6ee $ 35,400 $ 4.900 26,500 $ 31,700 Required: 1. With respect to cost classifications for preparing financial statements What is the total product cont? b. What is the total period cost? 2. With respect to cost classifications for assigning costs to cost objects 0. What is total direct manufacturina cost?
Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost? 2. With respect to cost classifications for assigning costs to cost objects: a. What is total direct manufacturing cost? b. What is the total indirect manufacturing cost? 3. With respect to cost classifications for manufacturers a. What is the total manufacturing cost? b. What is the total nonmanufacturing cost? c. What is the total conversion cost and prime cost? 4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? c. What is the variable cost per unit produced and sold? 5. With respect to cost classifications for decision making a. I Dozier had produced 1001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit?
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost? 1a. Total product cost 1b. Total period cost
1a) Total Product cost: | |||
Direct Materials | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Total manufacturing overhead | $ 49,300.00 | ||
Total Product cost | $ 1,66,800.00 | ||
1b) Total Period cost: | |||
Total selling expense | $ 35,400.00 | ||
Total administrative expense | $ 31,700.00 | ||
Total Period cost | $ 67,100.00 | ||
Product cost: These are the costs necessary for production & are not incurred when there is no production.IT includes direct material,direct labor ,direct factory expense and indirect factory expenses. | |||
Period cost: These are the cost not included in the cost of production but charged as expense in the profit and loss account of the period in which these are incurred. | |||
2a) Direct Manufacturing cost: | |||
Direct Material | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Total direct manufacturing cost | $ 1,17,500.00 | ||
2b) Indirect Manufacturing cost: | |||
Variable Manufacturing overhead | $ 18,600.00 | ||
Fixed Manufacturing overhead | $ 30,700.00 | ||
Total Indirect Manufacturing cost | $ 49,300.00 | ||
3a) Total Manufacturing cost: | |||
Direct Material | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Total Manufacturing Overhead | $ 49,300.00 | ||
Total Manufacturing Cost | $ 1,66,800.00 | ||
3b) Total non-manufacturing cost: | |||
Total Selling expense | $ 35,400.00 | ||
Total Administrative expense | $ 31,700.00 | ||
Total non manufacturing cost | $ 67,100.00 | ||
3c) Conversion cost: | |||
Direct Labor | $ 39,500.00 | ||
Total Manufacturing overhead | $ 49,300.00 | ||
Total Conversion costs | $ 88,800.00 | ||
The total Prime cost: | |||
Direct Materials | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Total Prime cost | $ 1,17,500.00 | ||
4a) Total variable manufacturing cost | |||
Direct Materials | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Variable manufacturing overhead | $ 18,600.00 | ||
Total variable manufacturing cost | $ 1,36,100.00 | ||
4b) Total amount of fixed cost for the company as a whole: | |||
Fixed Manufacturing overhead | $ 30,700.00 | ||
Fixed selling expenses | $ 21,600.00 | ||
Fixed Administrative expenses | $ 26,800.00 | ||
Total Fixed cost | $ 79,100.00 | ||
4c) Total variable cost per unit produced and sold | |||
Direct Material | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Variable manufacturing overhead | $ 18,600.00 | ||
Variable selling expenses | $ 13,800.00 | ||
Variable administrative expenses | $ 4,900.00 | ||
Total variable cost=(A) | $ 1,54,800.00 | ||
Number of units produced and sold=(B) | 1000 | ||
Variable cost per unit=(A)/(B) | $ 155 | ||
5 a) Incremental cost per unit produced | |||
Total Incremental cost/Number of units produced and sold | |||
Direct Material | $ 78,000.00 | ||
Direct Labor | $ 39,500.00 | ||
Variable manufacturing overhead | $ 18,600.00 | ||
Total Incremental cost=(A) | $ 1,36,100.00 | ||
Number of units produced and sold=(B) | 1000 | ||
Incremental cost per unit Produced=(A)/(B) | $ 136 |