Zot-Ice Corp Calculate the Unit Product Cost Using Absorption Costing and Variable

question 211

Essay

Zot-Ice Corp.has provided the following data for the current year.
$$\begin{array} { | l | r |r| } \hline \text { Units produced } & 2,500& \text { units } \\\hline \text { Sales price } & \$ 200 &\text { per unit } \\\hline \text { Direct materials } & \$ 75 &\text { per unit } \\\hline \text { Direct labor } & \$ 65& \text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 25& \text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 225,000& \text { per year } \\\hline \text { Variable selling and administrative costs } & \$ 30 &\text { per unit } \\\hline \text { Fixed selling and administrative costs } & \$ 150,000& \text { per year } \\\hline\end{array}$$ Calculate the unit product cost using absorption costing and variable costing.

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Definitions:

Real GDP

The measure of a country's economic output adjusted for price changes and inflation, reflecting the real value of goods and services produced.

GDP Deflator

A measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to deflate or remove the effect of inflation from GDP.

GDP Deflator

An indicator representing the price levels of all newly domestically made final products and services within a country, utilized to convert nominal GDP into real GDP.

Net Domestic Product

The total value of all goods and services produced within a country's borders in a given time period, after accounting for depreciation.