29 Jun Question 1. (TCO F) The Indiana Company manu
Question
1. (TCO F) The Indiana Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.
Percentage completed
Units Materials Conversion
Work in process, June 1 70,000 65% 45%
Work in process, Jun 30 60,000 75% 65%
The department started 290,000 units into production during the month and transferred 300,000 completed units to the next department.
Required: Compute the equivalent units of production for the first department for June, assuming that the company uses the weighted-average method of accounting for units and costs.
2.) Drake Company’s income statement for the most recent year appears below.
Sales (45,000 units) $1,350,000
Less: variable expenses 750,000
Contribution margin 600,000
Less: fixed expenses 375,000
Net operating income $225,000
Required:
a. Calculate the unit contribution margin.
b. Calculate the break-even point in dollars.
c. If the company desires a net operating income of $290,000, how many units must it sell?
3. ) Maffei Company, which has only one product, has provided the following data concerning its most recent month of operations:
Selling price $ 175
Units in beginning inventory 0
Units produced 9,500
Units sold 8,000
Units in ending Inventory 1,500
Variable costs per unit:
Direct materials $ 55
Direct labor $ 38
Variable manufacturing overhead $ 2
Variable selling and admin $ 10
Fixed costs:
Fixed manufacturing overhead $ 300,000
Fixed selling and admin $ 125,000
Required:
a. What is the unit product cost for the month under variable costing?
b. What is the unit product cost for the month under absorption costing?
c. Prepare an income statement for the month using the variable costing
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