Homework Answers
| Req a) Estimated Total Manufacturing Cost | ||||
| Amount $ | Amount $ | Calculation | ||
| Direct Material: | ||||
| Begin Mat. Inv. | 0 | |||
| Add:Purchases | 553400 | (12000*4 + 3000)*10 + 43400 | ||
| Cost of Mat. Available | 553400 | |||
| Less:End Mat. Inv. | 30000 | 3000*10 | ||
| Total Mat. Used | 523400 | |||
| less:Indirect Mat. | 43400 | |||
| Direct Mat. Used | 480000 | |||
| Direct Labor | 643200 | (12000*2*22)+(12000*0.6*16) | ||
| Manufacturing Overhead: | ||||
| Indirect Mat. | 43400 | |||
| Building rent | 92920 | |||
| Machinery rent | 57320 | |||
| Other overheads | 466560 | |||
| Total Manufacturing overhead | 660200 | |||
| Total manufacturing costs | 1783400 | |||
| Units produced | 12000 | |||
| Product cost per unit, $ | 148.62 | |||
| b) Estimated Income Statement: | ||||
| Amount $ | ||||
| Sales | 3212400 | |||
| Less: COGS | 1486200 | COGS =10000*148.62 = 1486200 | ||
| Gross Profit on sales | 1726200 | NOI = 800000*15% = 120000 | ||
| Less:expenses: | Let sales be x, then | |||
| Selling | 963720 | (1486200+(0.3x)+(0.2x)+120000=x | ||
| Administration | 642480 | 0.5x = 1606200 | ||
| Total expenses | 1606200 | Sales = x = 1606200/0.5 = 3212400 | ||
| Net Operating Income | 120000 | |||
| c) Unit sale price = Sales / Units sold = 3212400 / 10000 = $321.24 | ||||
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