Hw-1570 drake and dean – 2 questions

3. (TCO B) Drake Company’s income statement for the most recent year appears below. Sales (45,000 units) $1,350,000 Less: variable expenses 750,000 Contribution margin 600,000 Less: fixed expenses 375,000 Net operating income $225,000 Required: a. Calculate the unit contribution margin. b. Calculate the break-even point in dollars. c. If the company desires a net operating income of $290,000, how many units must it sell? 

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4. (TCO E) The Dean Company produces and sells a single product. The following data refer to the year just completed: Selling price $450 Units in beginning Inventory 0 Units produced 25,000 Units sold 22,000 Variable costs per unit: Direct materials $ 200 Direct labor $ 50 Variable

manufacturing overhead $ 30 Variable selling and admin $ 15 Fixed Costs: Fixed manufacturing overhead $ 275,000 Fixed selling and admin $ 230,000 Assume that direct labor is a variable cost.

Required:

a. Compute the cost of a single unit of product under both

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the absorption costing and variable costing approaches.

b. Prepare an income statement for the year using absorption costing.

c. Prepare an income statement for the year using variable costing. 

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