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ACT 201: Managerial Accounting Project topic: Determining The Cost of a Product Group members: 2 Requiren: You have to select a small local store (dokan) in your area who manufactures their own goods and sell it to customers all through the year. Your field job is to conduct an interview and find out their manufacturing process for one product. Based on your interview data, you will have to determine the cost of the product (for only one product) and answer the following: 1. Find out their product details 2. Write down the production process 3. Determine the cost of the product (DM, DL and MOH). You need to calculate the cost/product. 4. Are they following any costing method, ie, job order process their own method? 5. What is the price of the product? Find out the profit margin of the product. 6. Based on your data calculate the contribution margin, breakeven point, breakeven revenue of the product 7. Provide any feedback that can help them to be more attractive towards their customers, To do list: Your project should have title page, and table of contents, letter of submission, executive summary (not more than 2 pages), reference, and appendix (optional) 1. Sia's Candles has a candles shop and a small manufacturing warehouse where they make there products. 2.They Produce candle and Sold them directly into the market. They have 10 workers who works at wage rate of $ 3000 per month. They usually sales 30000 candles box each months. each box requires $ 2 Direct materials. They have Manufacturing Overhead of $ 3000 each month out of which 30% are variable and rest are fixed. They also have $ 4200 of selling and administrative overhead each month out of which 60% are fixed. Let us calculate the cost of goods sold the month 3 No of Units 30000 Particulars details Amount Per unit cost Direct Materials ( $ 2 per unit) (30000 x$2) $ 60,000.00 $ 2.00 Direct labour (3000x$10) $ 30,000.00 $ 1.00 Prime cost $ 90,000.00 $ 3.00 Add: Manufacturing Overhead Variable MOH(30%) ($ 3000 x 30%) $ 900.00 $ 0.03 Fixed MOH (70%) ($ 3000 x 70%) $ 2,100.00 $ 0.07 Cost of Production $ 93,000.00 $ 3.10 Add: selling & Administrative Overhead Variable SG &A ($ 4200x40%) $ 1,680.00 Fixed SG&A ($4200 x60%) $ 2,520.00 Cost Of sales $ 97,200.00 $ 3.24 So here cost per unit of Product is $3.10 and Cost of sales of a product is $3.24 4.They are following traditional costing method. 5. They Sales each product for $5 per Unit Now , Profit margin = ($ 5 - 3.24 )= $ 1.76 per unit. 6. Variable cost Direct materials $ 60,000.00 Direct labour $ 30,000.00 Varible MOH $ 900.00 Variable SG&A $ 1,680.00 Total Variable costs $ 92,580.00 per Unit 5.00 Cost sheet Income Statement approch No of units 30000 Particulars Amount Sales $ 150,000.00 $ Less: varible cost $ 92,580.00 $ Contribution $ 57,420.00 $ Less: fixed cost $ 4,620.00 $ Operating profit/ EBIT $ 52,800.00 $ 3.09 1.91 0.15 1.76 Contribution margin = 57,420/150000 x 100 % = 38.28% Break Even Point = Fixed cost / Contribution per unit = 4620/1.91 = 2419 units (Round off) Break even revenue = Fixed cost / Contribution margin =$ 4620/38.28% =$12,069 Round off ) 7. Sia's candle has very low amount of Fixed cost Which is good they should focus on increasing the contribution margin or may use some market research to maximize it's sales ACT 201: Managerial Accounting Project topic: Determining The Cost of a Product Group members: 2 Requiren: You have to select a small local store (dokan) in your area who manufactures their own goods and sell it to customers all through the year. Your field job is to conduct an interview and find out their manufacturing process for one product. Based on your interview data, you will have to determine the cost of the product (for only one product) and answer the following: 1. Find out their product details 2. Write down the production process 3. Determine the cost of the product (DM, DL and MOH). You need to calculate the cost/product. 4. Are they following any costing method, ie, job order process their own method? 5. What is the price of the product? Find out the profit margin of the product. 6. Based on your data calculate the contribution margin, breakeven point, breakeven revenue of the product 7. Provide any feedback that can help them to be more attractive towards their customers, To do list: Your project should have title page, and table of contents, letter of submission, executive summary (not more than 2 pages), reference, and appendix (optional) 1. Sia's Candles has a candles shop and a small manufacturing warehouse where they make there products. 2.They Produce candle and Sold them directly into the market. They have 10 workers who works at wage rate of $ 3000 per month. They usually sales 30000 candles box each months. each box requires $ 2 Direct materials. They have Manufacturing Overhead of $ 3000 each month out of which 30% are variable and rest are fixed. They also have $ 4200 of selling and administrative overhead each month out of which 60% are fixed. Let us calculate the cost of goods sold the month 3 No of Units 30000 Particulars details Amount Per unit cost Direct Materials ( $ 2 per unit) (30000 x$2) $ 60,000.00 $ 2.00 Direct labour (3000x$10) $ 30,000.00 $ 1.00 Prime cost $ 90,000.00 $ 3.00 Add: Manufacturing Overhead Variable MOH(30%) ($ 3000 x 30%) $ 900.00 $ 0.03 Fixed MOH (70%) ($ 3000 x 70%) $ 2,100.00 $ 0.07 Cost of Production $ 93,000.00 $ 3.10 Add: selling & Administrative Overhead Variable SG &A ($ 4200x40%) $ 1,680.00 Fixed SG&A ($4200 x60%) $ 2,520.00 Cost Of sales $ 97,200.00 $ 3.24 So here cost per unit of Product is $3.10 and Cost of sales of a product is $3.24 4.They are following traditional costing method. 5. They Sales each product for $5 per Unit Now , Profit margin = ($ 5 - 3.24 )= $ 1.76 per unit. 6. Variable cost Direct materials $ 60,000.00 Direct labour $ 30,000.00 Varible MOH $ 900.00 Variable SG&A $ 1,680.00 Total Variable costs $ 92,580.00 per Unit 5.00 Cost sheet Income Statement approch No of units 30000 Particulars Amount Sales $ 150,000.00 $ Less: varible cost $ 92,580.00 $ Contribution $ 57,420.00 $ Less: fixed cost $ 4,620.00 $ Operating profit/ EBIT $ 52,800.00 $ 3.09 1.91 0.15 1.76 Contribution margin = 57,420/150000 x 100 % = 38.28% Break Even Point = Fixed cost / Contribution per unit = 4620/1.91 = 2419 units (Round off) Break even revenue = Fixed cost / Contribution margin =$ 4620/38.28% =$12,069 Round off ) 7. Sia's candle has very low amount of Fixed cost Which is good they should focus on increasing the contribution margin or may use some market research to maximize it's sales