ACC – Paint More LLC

ACC – Paint More LLC

Question
	

Paint More LLC has organized a new division to manufacture and sell specialty paint. The division’s monthly costs are shown below:


Manufacturing costs:
Variable costs per unit:
Direct materials $12
Variable manufacturing overhead $1
Fixed manufacturing overhead costs (total) $100,000
Selling and administrative costs:
Variable 7% of sales
Fixed (total) $31,000
Because the production is highly automated, the company includes its labor costs in its fixed manufacturing overhead. The gallons of paint sell for $68 each. During September, the first month of operations, the following activity was recorded:















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Units produced 5,000
Units sold 4,000


Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:


Compute the unit product cost under:






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Absorption costing


Variable costing


Prepare an absorption costing income statement for September


Prepare a contribution format income statement for September using variable costing