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TUTORIAL: COST ALLOCATION Ouestion 1 G TEX Company, a manufacturer Of tennis rackets, started production in September 2015. For the preceding 5 years GTEX had been a retailer of sports equipment. After a thorough survey of tennis racket markets, GTEX decided to turn its retail store into a tennis racket factory. Raw materials cost for a tennis racket will total RM6() per racket. Workers on the production lines are paid on average RM30 per hour. A racket usually takes 3 hours to complete. In addition, the rent on the equipment used to produce rackets amount to per month. Indirect materials cost RM24 per racket. A supervisor was hired to oversee production: his monthly salary is Janitorial costs are RM4,200 monthly. Advertising costs for the racket will be per month. The factory building depreciation expense is RM 24.000 per year. Property taxes on the factory building will be per year. Required: (a) Prepare an answer sheet with the following column headings. Cost Item Product Costs Period Costs Prime Costs Direct Direct Materials Labor Manufact- uring Overheads Conver- Sion Costs Assuming that Venus manufacturers, on average 10 000 tennis rackets per month, enter each cost on your answer sheet, placing the ringgit amount per month under the appropriate headings. Total the ringgit amounts in each of the columns. (b) Compute the cost to produce one racket.