Answers
| Under absorption costing, | ||
| Direct Materials, Direct labour, Variable manufacturing overheads and Fixed manufacturing overheads | ||
| are considered as product costs. | ||
| Under variable costing, | ||
| Direct materials, Direct Labour and Variable Manufacturing overheads are considered as product costs. |
| 1) | If the Company uses absorption costing, unit product cost is |
| Unit cost | |
| Direct materials | $100 |
| Direct Labour | $480 |
| Variable manufacturing overhead | $53 |
| Fixed manufacturing Overhead ($970000/14000units) | $69.29 |
| Total unit product cost | $702.29 |
| 2) | If the Company uses variable costing, unit product cost is |
| Unit cost | |
| Direct materials | $100 |
| Direct Labour | $480 |
| Variable manufacturing overhead | $53 |
| Total unit product cost | $633 |
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