Lukin Corporation Reports the Following First Year Production Cost Information

question 82

Essay

Lukin Corporation reports the following first year production cost information:
$$\begin{array} { l l } \text { Units produced } & 62,000 \text { units } \\\text { Units sold } & 59,000 \text { units } \\\text { Sales price } & \$ 350 \text { per unit } \\\text { Direct labor } & \$ 41 \text { per unit } \\\text { Direct materials } & \$ 15 \mathrm { per } \text { unit } \\\text { Variable overhead } & \$ 9,300,000 \mathrm { in } \text { total } \\\text { Fixed overhead } & \$ 4,340,000 \text { in total } \\\text { Operating expenses } & \$ 1,000,000\end{array}$$
a.Compute production cost per unit under variable costing.
b.Compute production cost per unit under absorption costing.
c.Determine the net income using variable costing.
d.Determine the net income using absorption costing.

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Definitions:

Currency

A system of money in general use in a particular country or economic context, also refers to the digital or physical form of money.

Auto

Short for "automatic," this term refers to functions or features that operate without manual intervention.

Integer

A whole number that can be positive, negative, or zero, not including fractions or decimals.

Currency Format

A way of displaying numbers in a specific monetary style, which includes symbols, decimal places, and digit grouping according to different cultural norms.