Accounting help needed (due tonight)

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Cost of Production

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:

  1. Compute the unit product cost under:
    1. Absorption costing
    2. Variable costing
  2. Prepare an absorption costing income statement for September
  3. Prepare a contribution format income statement for September using variable costing
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