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ACCT 386 - Week 4 - Homework - Question 1

ACCT 386 - Week 4 - Homework - Question 1
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ACCT 386 - Week 4 - Homework - Question 1

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Question 1

Wiengot Antennas, Inc., produces and sells a unique type of TV antenna. The company has just opened a new plant to manufacture the antenna, and the following cost and revenue data have been provided for the first month of the plant’s operation.

 

 

 

  Beginning inventory

 

0   

  Units produced

 

42,000   

  Units sold

 

37,000   

  Selling price per unit

 

$77   

  Selling and administrative expenses:

 

 

    Variable per unit

 

$3   

    Fixed (total)

$

560,000   

  Manufacturing costs

 

 

    Direct materials cost per unit

 

$16   

    Direct labor cost per unit

 

$9   

    Variable manufacturing overhead cost per unit

 

$2   

    Fixed manufacturing overhead cost (total)

$

756,000   


    Because the new antenna is unique in design, management is anxious to see how profitable it will be and has asked that an income statement be prepared for the month.