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D Assessment 1 Part 2: Cost Concepts and Financial Statements (SOLUTION) Scenario: Joplin Products produced and sold 990 units of the company's only product in June. You have collected the following information from the accounting records: Sales price (per unit) $ 492.80 - Manufacturing Costs: Fixed overhead (for the month) e Direct labor (per unit) B Direct materials (per unit) Variable overhead (per unit) Joplin Products 55,440.00 38.50 123.20 77.00 5 Marketing and administrative costs: 7 Fixed costs (for the month) 8. Variable costs (per unit) 74,250.00 15.40 REQUIRED 1. Compute the following: a. Variable manufacturing cost per unit. Answers b. Full cost per unit. e. Prime cost per unit. B f. Conversion cost. g. Profit margin h. Contribution margin per unit. i. Gross margin per unit. 2. If the number of units produced increases from 990 to 1,320, which is within the relevant range, cost per unit will decrease (you can check this by redoing requirement [a] above). Therefore, we should recommend that Joplin Products increase its production to reduce its costs. Do you agree? Explain