Accounting help needed (due tonight)

I need an assignment done for my week 7 class Leading Change by putting people first
August 16, 2021
Reserved for Madam Professor. Chemical dependency in the workplace class.
August 16, 2021

Accounting help needed (due tonight)

 

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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