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Chapter 3 Additional Exercises: Solutions 1. Jeremy Incorporated manufactures one product that is sold for $50 per unit. The following information per tains to the company's first year of operations in which it produced 42,000 units and sold 40.000 units. Variable Costs Per Unit: Manufacturing Direct Materials $12 Direct Labor SIO Variable Manufacturing Overhead $4 Variable Selling & Administrative 1.5 Fixed Costs Per Year: Fixed Manufacturing Overhead $315.000 Fixed Selling & Administrative Expenses $275,000 a. Cost per Unit. What is the unit product cost under (a) variable costing? (b) absorption costing? () Variable Costing (b) Absorption Costing Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead Unit Product Cost b. Variable Costing. What is the company's total contribution margin and net operating income under vari- able costing? Sales Variable Expenses Variable Cost of Goods Sold Variable Selling & Administrative Contribution Margin Fixed Expenses: Fixed Manufacturing Overhead Fixed Selling & Administrative Net Operating Income (Loss) c. Absorption Costing. What is the company's total gross margin and net operating income under absorp- tion costing