GNBExam07 - GNB 12e Practice Exam Chapter 7 Print these...

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GNB 12e Practice Exam – Chapter 7 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. Piscopo Company produces mint chocolate candies. The chocolates sell for $12 per box. During its first year of operations, the company produced 10,000 boxes of chocolates and sold 9,000 boxes of the candies. The company’s cost information includes the following: Direct materials $ 2.00 per unit Direct labor $ 3.00 per unit Fixed manufacturing overhead $20,000 Fixed selling and administrative expenses $ 5,000 Variable manufacturing overhead $ 1.00 pr unit Variable selling and administrative expenses $ 3.00 per unit Part (a) Compute the unit product cost under absorption costing. Part (b) Compute the unit product cost under variable costing.
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Part (c) Prepare an income statement using absorption costing. Part (d) Prepare an income statement using variable costing.
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This note was uploaded on 11/04/2009 for the course SBA ACC 2302 taught by Professor Ahmedbashir during the Spring '09 term at Al Akhawayn University.

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GNBExam07 - GNB 12e Practice Exam Chapter 7 Print these...

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