Fin – polk company builds custom fishing lures for sporting goods

Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.

Variable Cost per Unit
Direct materials
Direct labor
Variable manufacturing overhead
Variable selling and administrative expenses

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Fixed Costs per Year
Fixed manufacturing overhead
Fixed selling and administrative expenses

Polk Company sells the fishing lures for $26.75. During 2012, the company sold 80,100 lures and produced 94,600 lures.

Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)

Manufacturing cost per unit

Prepare a variable costing income statement for 2012

Assuming the company uses absorption costing , calculate Polk Manufacturing cost per unit for 2012 Round to nearest 2 decimal places 

Prepare an absorption costing income statement for 2012

Question 6

For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $310,400 budget; $333,800 actual.

Prepare a static budget report for the quarter.

Question 7

Gundy Company expects to produce 1,283,400 units of Product XX in 2012. Monthly production is expected to range from 75,330 to 113,050 units. Budgeted variable manufacturing costs per unit are: direct materials $4, direct labor $7, and overhead $9. Budgeted fixed manufacturing costs per unit for depreciation are $4 and for supervision are $3.

Prepare a flexible manufacturing budget for the relevant range value using 18,860 unit increments. (List variable costs before fixed costs.)


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