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2 years ago

The following information is available for Aikman Company.

Business

1 answer:

RSB [31]2 years ago

4 0

Answer:

$537,300

$378,700

Explanation:

1. Cost of goods manufactured

Direct material Jan 1 2017

$21,000

Add purchases of raw materials

$150,000

Less raw materials December 2017

($30,000)

Materials used in production

$141,000

Direct labor

$220,000

Manufacturing overhead

$180,000

Total manufacturing cost

$541,000

Add work in process inventory at Jan

$13,500

Less ending work in process inventory

($17,200)

Cost of goods manufactured

$537,300

2. Income statement through gross profit

Sales revenue

$910,000

Less cost of goods sold:

Cost of goods manufactured

$537,300

Add: finished goods at 1 Jan 2017

$27,000

Less: finished goods at 31 2017

($21,000)

Gross profit

$378,700

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produces decorative mailboxes. The company's average cost per unit is $ 23.43 when it produces 1 comma 400 mailboxes. Requireme

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Answer:

1) The total cost of production (TC) is $32,802.

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The appropiate approach is using the cost function, because its differentiates the cost that are fixed and not dependant of the volume of production, and the variable cost, that are proportional to the quantity produced.

Explanation:

1) The total cost of production can be calculated as the product of the cost per unit ($23.43/unit) and the total ammount of units (1,400 units):

$TC=c*Q=23.43*1,400=32,802$

The total cost of production (TC) is $32,802.

2) The fixed cost (FC) are $20,202, so the variable cost are:

$VC=TC-FC=32,802-20,202=12,600$

This is the variable cost for 1,400 mailboxes, so the unit variable cost is:

$vc=VC/Q=12,600/1,400=9$

The variable cost per unit is $9/unit.

3) The equation of cost can be written as:

$TC(Q)=20,200+9Q$

4) If it uses the average cost tot predict the cost of 1,500 mailboxes, he will get:

$TC=23.43*1,500=35,145$

5) If he uses the cost function, he will get

$TC=20,202+9*1500=20,202+13,500=33,702$

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Answer:

4. Amounts owed to suppliers

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