3 managierial accounting questions

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1.Virginia, LLC, sells its product for $20 and incurs variable costs in producing that product of $8 per unit and total fixed costs of $10,000. Using the contribution margin ratio approach, calculate the number of units of the product that Virginia, LLC must sell to generate a profit of $14,400.

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2.Texas Company produces one product that it sells for $50 per unit. In producing that product, Texas Company incurs variable costs of $35 per unit and fixed costs of $400,000. How many units of the product will Texas Company have to produce and sell to earn a profit of $42,000? (Be sure round up.)

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3.Colorado Company uses a job-order costing system. Account balances at the end of the year were: ��Raw materials Inventory                                        $200,000�Work-In-Process Inventory                                      400,000�Finished Goods Inventory                                        600,000�Cost of Goods Sold                                                800,000�Manufacturing Overhead (credit: overapplied)              90,000��What journal entry(s) are necessary to close the Manufacturing Overhead account if the amount in the account ($90,000) is all materials?

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