Answer to Question #250782 in Economics for olga

Question

Top Plastics Ltd makes and sells a single product. In September 2021, it produced and sold 30000 units. Information for September 2021 was: Selling price per unit------------------------------------------$25 Direct materials cost per unit -----------------------------$6 Direct wages per hour ---------------------------------------$9 Variable manufacturing overhead per unit-----------$2 Variable selling expenses per unit-----------------------$4 Fixed manufacturing overhead---------------------------$160,000 Fixed admin and distribution costs----------------------$50,000 Direct manufacturing labor per unit ------------------20 minutes Required: (a) Compute for product costs under Marginal costing (4%) (b) Compute for product costs under Absorption costing (4%) (c) Prepare income statements for September 2021 by using: (I) Marginal costing (variable costing) (9%) (ii) Absorption costing (8%)

Answer 1

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