Product Cost Method of Product Pricing La Femme Accessories Inc. produces women's handbags. The cost of...
Product Cost Method of Product Pricing
La Femme Accessories Inc. produces women's handbags. The cost of producing 1,200 handbags is as follows:
| Direct materials | $16,800 |
| Direct labor | 8,900 |
| Factory overhead | 5,700 |
| Total manufacturing cost | $31,400 |
The selling and administrative expenses are $26,100. The management desires a profit equal to 14% of invested assets of $497,000.
If required, round your answers to nearest whole number.
a. Determine the amount of desired profit from
the production and sale of 1,200 handbags.
$
b. Determine the product cost per unit for the
production of 1,200 handbags.
$per unit
c. Determine the product cost markup percentage
for handbags.
%
d. Determine the selling price of handbags. Round your answers to nearest whole value.
| Cost | $per unit |
| Markup | $per unit |
| Selling price | $per unit |
Homework Answers
| a. | Desired profit = Desired profit rate * Invested assets = 14% * 497000 | 69580 |
| b. | Product cost per unit = Total manufacturing cost / Units produced = 31400 / 1200 | 26 | per unit |
| c. | Product cost markup percentage = ( Desired profit + Selling and administrative expenses ) / Total manufacturing cost = ( 69580 + 26100 ) / 31400 | 305% |
| d. | Cost | 26 | Per unit |
| Markup ( 26 * 305% ) | 79 | Per unit | |
| Selling price | 105 | Per unit |
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