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https://www.chegg.com/homework-help/questions-and-answers/kitchen-king-s-toledo-plant-manufactures-three-product-lines-multi-burner-ceramic-cook-top-q34701067

https://www.chegg.com/homework-help/questions-and-answers/kitchen-king-s-toledo-plant-manufactures-three-product-lines-multi-burner-ceramic-cook-top-q34701210

https://www.chegg.com/homework-help/questions-and-answers/kitchen-king-s-toledo-plant-manufactures-three-product-lines-multi-burner-ceramic-cook-top-q34701313

Kitchen King's Toledo plant manufactures three product lines, all multi-burner, ceramic cook tops. The plant's three product models are the Regular (REG), the Advanced (ADV) and the Gourmet (GMT). Until recently, the plant used a job-order product-costing system, with manufacturing overhead applied on the basis of direct-labor hours. The following table displays the basic data upon which the traditional costing system was based REG ADV GMT Planned annual production: Volume in units Production runs 5,000 40 runs of 125 units $129 4,000 40 runs of 100 units $151 1,000 20 runs of 50 units $203 Direct material Direct labor $247 (13 hrs. @ $19 per hr (not including setup) $171 (9 hrs. $19 per hr.) $209 (11 hrs.@ $19 per hr.) Machine hours (MH) per product unit Total machine hours 10 MH 12 MH 17 MH consumed 48,000 (12 MH 4,000) by product line in a year 50,000 (10 MH x 5,000) 17,000 (17 MH x 1,000) The annual budgeted overhead is $1,224,000, and the company's predetermined overhead rate is $12 per direct-labor hour. The product costs for the three product models, as reported under the plant's traditional costing system, are shown in the following table ADV GMT 129.00 $151.00 (9 hr. @209.00 Direct material $203.00 Direct labor (not including set Manufacturing overhead Total cost per unit 24700(13 hr.a 156.00 (13 hr. @ $19) (11 hr. $12) up time) $19) 108.00 (9 hr. @ 132.00 $408.00 $492.00 $606.00 Kitchen King's pricing policy is to set a target price for each product equal to 130 percent of the full product cost. Due to price competition from other appliance manufacturers, REG units were selling at $525, and ADV units were selling for $628 These prices were somewhat below the firm's target prices. However, these results were partially offset by greater-than-expected profits on the GMT product line. Management had raised the price on the GMT model to $800, which was higher than the original target price. Even at this price, Kitchen King's customers did not seem to hesitate to place orders, Moreover, the company's competitors did not mount a challenge in the market for the GMT product line. Nevertheless, concern continued to mount in Toledo about the difficulty in the REG and ADV markets. After all, these were the plant's bread and-butter products, with projected annual sales of 5,000 REG units and 4,000 ADV units Kitchen King's director of cost management, Angela Ramirez, had been thinking for some time about a refinement in the Toledo plant's product-costing system. Ramirez wondered if the traditional, volume-based system was providing management with accurate data about product costs. She had read about activity-based costing, and wondered if ABC would be an improvement to the plant's product-costing system. After some discussion, an ABC proposal was made to the company's top management, and approval was obtained. The data collected for the new ABC system is displayed in the following table Cost Driver Activity Cost Pool Cost Driver Product Quantity for Line Product Line Activity Machine 310,500 Machine REG 50,000 ADV48,000 17,000 related Hours GMT Total 115,000 Material handling 40 40 20 100 52,500 Production REG Runs ADV GMT Total 100 96 104 Purchasing 75,000 Purchase REG ADV GMT Orders Total 300 85,000 Production REG ADV GMT 40 40 20 Setup Runs Total 100 27,500 Inspection REG ADV GMT 400 400 300 Inspection Hours Total 1,100 66,000 Shipments REG ADV 500 400 200 Shipping GMT Total 1,100 32,500 Engineering REG ADV 250 200 200 Engineering Hours GMT Total 650 Facility 575,000 Machine REG 50,000 ADV 48,000 GMT 17,000 Hours Tota 115,000 . Complete the table given below to calculate the overhead cost, total product cost, and target price for each product line under the two alternative costing systems. (Round your answers to 2 decimal places.) REG ADV GMT Reported unit overhead cost: Traditional, volume-based costing system Activity-based costing system Reported unit product cost (direct material, direct labor and overhead) Traditional, volume-based costing system Activity-based costing system Sales price data: Original target price New target price Actual current selling price