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4. Sharpens Inc. produces knife sets for use in the commercial

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4. Sharpens Inc. produces knife sets for use in the commercial kitchens. They sell for $400 each. Selected data for the company’s operations last year follow
Units in beginning inventory 0
Units produced 3,000
Units sold 2,500
Units in ending inventory 500

Variable costs per unit
Direct materials $120
Direct labor $80
Variable manufacturing overhead $40
Variable selling and administrative $20
Fixed Costs
Fixed manufacturing overhead $300,000
Fixed selling and administrative $200,000
a. Assume that the company uses variable costing, compute the unit cost for one knife set. Show computations
b. Assuming that the company uses absorption costing, compute the unit cost for one knife set. Show computations


5. Soccer nets for use in professional games. They sell them for $200 each. Selected data for the company’s operations last year follow.

Units in beginning inventory 0
Units produced 500
Units sold 300
Units in ending inventory 200

Variable costs per unit
Direct materials $75
Direct labor $30
Variable manufacturing overhead $10
Variable selling and administrative $5

Fixed costs
Fixed manufacturing overhead $2000
Fixed selling and administrative $1000
a. Assume that the company uses variable costing, compute the net operating income. Show computations
b. Assuming that the company uses absorption costing, compute the net operating income. Show computations

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Submitted: 5 years ago.
Category: Homework
Expert:  Linda_us replied 5 years ago.
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