Accounting

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1-Meriden Company has a unit selling price of $610, variable costs per unit of $305, and fixed costs of $218,075.

Compute the break-even point in units using the mathematical equation.

2-For Turgo Company, variable costs are 56% of sales, and fixed costs are $178,600. Management’s net income goal is $117,080.

Compute the required sales in dollars needed to achieve management’s target net income of $117,080.

3-For Kozy Company, actual sales are $1,256,000 and break-even sales are $778,720.

Compute the margin of safety in dollars and the margin of safety ratio.

Margin of safety
$

Margin of safety ratio %

4-Montana Company produces basketballs. It incurred the following costs during the year.

Direct materials $14,151
Direct labor $25,208
Fixed manufacturing overhead $9,995
Variable manufacturing overhead $31,583
Selling costs $20,838

What are the total product costs for the company under variable costing?

Total product costs
$

5-Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.

Variable Cost per Unit
Direct materials $7.73
Direct labor $2.52
Variable manufacturing overhead $5.92
Variable selling and administrative expenses $4.02

Fixed Costs per Year
Fixed manufacturing overhead $240,030
Fixed selling and administrative expenses $247,303

Polk Company sells the fishing lures for $25.75. During 2012, the company sold 80,100 lures and produced 94,500 lures.
(a) Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)

Manufacturing cost per unit
$

6-For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $321,800 budget; $332,200 actual.

Prepare a static budget report for the quarter.

MARIS COMPANY
Sales Budget Report
For the Quarter Ended March 31, 2012

Product Line Budget Actual
Garden-Tools $ $ $

Difference:

Favorable -Unfavorable- Neither favorable nor unfavorable

Gundy Company expects to produce 1,242,720 units of Product XX in 2012. Monthly production is expected to range from 81,610 to 129,790 units. Budgeted variable manufacturing costs per unit are: direct materials $5, direct labor $6, and overhead $9. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2.

Prepare a flexible manufacturing budget for the relevant range value using 24,090 unit increments. (List variable costs before fixed costs.)

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