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Question
Athena Company provides employee health insurance that costs $5,000 per month. In addition, the company contributes an amount equal to 5% of the employees' $120,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:A.Debit to Medical Insurance Payable $5,000.
B.Debit to Employee Retirement Program Payable $6,000.
C.Debit to Employee Benefits Expense $11,000.
D.Credit to Employee Benefits Expense $11,000.
E.Debit to Payroll Taxes Expense $11,000.
Answer
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
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Given the following data, calculate product cost per unit under variable costing.
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Direct materials $3 per unit
Overhead
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Total fixed overhead $85,000
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A. $7 per unit
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Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
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Cost of goods sold (18,000 $14) 252,000
Gross margin $288,000
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Net income $198,000
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Q:
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Direct labor $2.50 per unit
Variable overhead $3.50 per unit
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Q:
What is the Red and White's contribution margin for this month if 980 units were sold?
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C. $24,500
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E. $21,560
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Given the Cool Pools Company data, what is net income using absorption costing?
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C. $150,000
D. $177,600
E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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B. $17,400,000
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D. $16,800,000
E. $16,220,000