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For Quiz - Product Costing

This document contains a quiz on product costing that requires calculating various financial metrics under absorption costing, variable costing, and throughput costing. It provides blanks to fill in units produced, units sold, selling price, variable costs, and fixed costs. It then shows the calculations and formulas for sales, cost of goods sold, gross profit, contribution margin, net income, and reconciliation between variable and absorption costing. The goal is to practice different costing methods and reconcile the results.

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Betchang Aquino
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76 views3 pages

For Quiz - Product Costing

This document contains a quiz on product costing that requires calculating various financial metrics under absorption costing, variable costing, and throughput costing. It provides blanks to fill in units produced, units sold, selling price, variable costs, and fixed costs. It then shows the calculations and formulas for sales, cost of goods sold, gross profit, contribution margin, net income, and reconciliation between variable and absorption costing. The goal is to practice different costing methods and reconcile the results.

Uploaded by

Betchang Aquino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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For Quiz - Product Costing Name : ___________________________

Units produced _____________________

Units Sold _____________________

Selling price per unit _____________________

Variable manufacturing cost _____________________

Variable selling expenses _____________________

Fixed manufacturing costs _____________________

Fixed admin expenses _____________________

Assume that direct material per unit is P______(for throughput costing)

Solution :

Absorption Costing

Sales _____________________

Less : CGS _____________________

Gross Profit _____________________

Less : Selling & Admin __________________

Variable Selling __________________

Fixed Admin __________________ _____________________

Net Income

Ending Inventory @absorption costing = _____________________


Variable Costing

Sales _____________________

Less : Variable Costs

CGS _____________________

Selling Costs _____________________ _____________________

Contribution Margin _____________________

Less : Fixed Costs

Manufacturing Costs _____________________

Admin Costs _____________________ _____________________

Net Income

Ending Inventory @variable costing =

Reconciliation

Variable costing Net income _____________________

Less : Fixed mfg costs in

ending inventory _____________________

Absorption costing net inc. =====================


Absorption costing Net inc _____________________

Add : Fixed mfg costs in

ending inventory _____________________

Absorption costing net inc. =====================

Throughput Costing

Sales _____________________

Less: CGS (120,000 x 18) _____________________

Throughput Margin _____________________

Less :

Variable Mfg costs ___________________

Variable Selling expenses ___________________

Fixed Mfg costs ___________________

Fixed Admin Expenses ___________________ _____________________

Net Income

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