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(Solved) (Latest ver. Aug 2020) - Paint Moore LLC

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Paint More LLC has organized a new division to manufacture and sell specialty paint. The division's monthly costs are shown below:

Manufacturing costs:
Variable costs per unit:
Direct materials$12
Variable manufacturing overhead$1
Fixed manufacturing overhead costs (total)$100,000
Selling and administrative costs:
Variable7% of sales
Fixed (total)$31,000

Because the production is highly automated, the company includes its labor costs in its fixed manufacturing overhead. The gallons of paint sell for $68 each. During September, the first month of operations, the following activity was recorded:

Units produced 5,000
Units sold 4,000

Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:
Compute the unit product cost under:
Absorption costing
Variable costing
Prepare an absorption costing income statement for September
Prepare a contribution format income statement for September using variable costing

 







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This question was answered on: Sep 16, 2020

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