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Goshia [24]
3 years ago
7

Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price $ 78 Units in beginning inventory 0 Units produced 8,800 Units sold 8,700 Units in ending inventory 100 Variable costs per unit: Direct materials $ 18 Direct labor $ 10 Variable manufacturing overhead $ 4 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $255,200 Fixed selling and administrative expense $ 87,000 What is the unit product cost for the month under absorption costing
Business
1 answer:
krek1111 [17]3 years ago
4 0

Answer:

$61

Explanation:

The computation of unit product cost for the month under absorption costing is shown below:-

Unit product cost = Direct material + Direct labor + Variable Manufacturing overhead + Fixed manufacturing cost

= $18 + $10 + $4 + ($255,200 ÷ 8,800)

= $61

Therefore for computing the unit product cost for the month under absorption costing we simply applied the above formula.

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3 years ago
Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $92,600. Prepare the entry to record
Vlada [557]

Answer:

The Journal entries are as follows:

(i)

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

Loss on Disposal A/c Dr. $34,000

  To Machine Equipment                   $126,600

(To record the disposal)

(ii)

Cash A/c Dr. $17,500

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

Loss on sale/disposal A/c Dr. $16,500

    To Machine Equipment                     $126,600

(To record the sale)

(iii)

Cash A/c Dr. $34,000

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

    To Machine Equipment                     $126,600

(To record the sale)

(iv)

Cash A/c Dr. $40,900

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

    To Gain on sale/disposal A/c            $6,900

    To Machine Equipment                     $126,600

(To record the sale)

4 0
3 years ago
Assume that on July 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two-year bonds with a $100,000 par value. The bond
Alinara [238K]

Answer:

Dr Potter's 8% Bonds 100000

Cr Cash 100000

Dr Cash 4000

Cr Interest from Bonds 4000

Explanation:

Preparation of the journal entry to Complete the necessary December 31 entry to record

July, 1

Dr Potter's 8% Bonds 100000

Cr Cash 100000

(Being 8% Bonds purchased)

December, 31

Dr Cash 4000

Cr Interest from Bonds 4000

(100,000*8%*1/2)

(Being Interest received on 8% Bonds)

5 0
3 years ago
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