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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: |
|
|
Variable |
7% 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
Instructions:
Submit an Excel document with each tab labeled by item number 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
Provide your answers in a clearly organized Excel spreadsheet. Check spelling and formatting for readability. Document your sources. Where applicable, written comments must be in accordance with the APA Requirements. Be sure to review the Module 5 Critical Thinking grading rubric, which may be accessed through the Course Information page.
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