Business, 03.04.2020 16:34 schoolboyq3017

Lynch Company manufactures and sells a single product. The following costs were incurred during the company’s first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 13 Direct labor $ 10 Variable manufacturing overhead $ 3 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $ 352,000 Fixed selling and administrative $ 262,000 During the year, the company produced 32,000 units and sold 27,000 units. The selling price of the company’s product is $56 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year.

Answers: 2

Show answers

Another question on Business

Business, 23.06.2019 03:00

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.

Answers: 2

Answer

Business, 23.06.2019 08:20

Suppose that a candy maker owns a building and is renting part of the building's space to a doctor. further suppose that because the candy maker is the owner, he has the right to make noise during the day while he makes candy. while the doctor cannot insist on a quiet environment, the doctor could move to a quieter building. however, rent in the next best building is $350/month more than rent in the noisy building. the candy maker can adopt a new technology that eliminates the noise for $275/month. given this situation, can the doctor find a private solution with the candy maker that will make both better off?

Answers: 2

Answer

Business, 23.06.2019 09:00

Describe at least four ways you can take money out of a checking account

Answers: 2

Answer

Business, 23.06.2019 12:00

Michael works in an it firm that is well known for making innovative products. michael is asked to develop a product that would serve an unmet need. though he has many ideas for it, none of them quite fits the bill. he finally decides to stand back from the problem for a period of time and ceases to consciously think about the yet-to-be-developed product. after a week, as he looks over his notes, he realizes the solution. the period of time in which michael did not consciously work on the problem is referred to as

Answers: 1

Answer

You know the right answer?

Lynch Company manufactures and sells a single product. The following costs were incurred during the...

Questions