Learned Corporation has provided the following information:
Required:
a.For financial reporting purposes,what is the total amount of product costs incurred to make 6,000 units?
b.For financial reporting purposes,what is the total amount of period costs incurred to sell 6,000 units?
c.If the selling price is $22.40 per unit,what is the contribution margin per unit sold?
d.If 7,000 units are produced,what is the total amount of direct manufacturing cost incurred?
e.If 7,000 units are produced,what is the total amount of indirect manufacturing costs incurred?
Definitions:
Implied Warranty
An unwritten guarantee that the product sold will meet a minimum level of quality.
Habitability
The suitability of a living space being safe and comfortable enough for human occupancy.
Assign
To transfer rights or duties under a contract or legal agreement to another party.
Silent
Characterized by the absence of sound or the decision not to speak or disclose information.
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