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Question 35 During 2020, Rafael Corp. produced 43,120 units and sold 43,120 for $14 per unit....

Question:

Question 35 During 2020, Rafael Corp. produced 43,120 units and sold 43,120 for $14 per unit. Suppose the accountant for Rafa(b) Prepare a normal-costing income statement for the first year of operation. Rafael Corp. Income Statement-Normal Costing F

Question 35 During 2020, Rafael Corp. produced 43,120 units and sold 43,120 for $14 per unit. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 53,900 units. Variable manufacturing costs were $5 per unit. Annual fixed manufacturing overhead was $86,240 ($3 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $21,560. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. (a) Your answer is correct. Calculate the manufacturing cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Manufacturing cost Manufacturing cost L .) per unit per unit SHOW ANSWER LINK TO TEXT Attempts: 1 of 2 used
(b) Prepare a normal-costing income statement for the first year of operation. Rafael Corp. Income Statement-Normal Costing For the Year Ended December 31, 2020 Sales Cost of goods sold Beginning inventory Add Costs of goods manufactured Add . Volume variance Gross margin Less . Selling and administrative expenses Operating income before tax Attempts: 0 of 2 used SUBMIT ANSWER

Answers

SALES 603680
COST OF GOODS SOLD
BEGINNING INVENTORY 0
(-)COST OF GOODS MANUFACTURED 284592
(-)VOLUMN VARIANCE 150920
435512
GROSS MARGIN 168168
(-)SELLING AND ADMINISTRATION 107800
OPERATING INCOME BEFORE TAX 60368
.

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