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9:24 v2.cengagenow.com Chapter 28 1. Determine what the cost of labor, materials, and overhead for both Procedures 1 and 2 would need to be for the company to meet its target gross profit at the current level of sales. Cost makeup of Procedure 1: Direct Labor 360,000 Direct Materials 324,000 Overhead 36,000 Total 720,000 Cost makeup of Procedure 2: Direct Labor 180,000 Direct Materials 72,000 Overhead 108,000 Total 360,000 2. The company's actual direct materials cost is $334,800 for Procedure 1. Determine the actual cost of direct labor, direct materials, and overhead for each procedure, and the total cost of production for each procedure. Cost makeup of Procedure 1: Direct Labor 372,000 Direct Materials 334,800 Overhead 37,200 Tota 744,000 Cost makeup of Procedure 2: Direct Labor 186,000 Direct Materials 74,400 Overhead 111,600 Total 372,000 3. The company is planning a CSR initiative to reuse some of the indirect materials used in production during Procedure 2. These indirect materials normally make up 70% of the overhead cost for Procedure 2, but the CSR initiative would reduce the usage of indirect materials. Determine what the maximum new cost of these indirect materials could be for Procedure 2 if this CSR initiative is expected to enable the company to meet its target gross profit percentage (holding all other costs constant). Maximum new cost of P2 overhead materials: $ -52,920 X Feedback Check My Work Strategic initiatives are action plans that management implements to achieve the strategic objectives. In other words, strategic objectives are different goals a company wants to achieve, and strategic initiatives are the plans a company makes to achieve those goals. Companies can use the balanced scorecard to address CSR objectives in a variety of ways. One way is to include CSR objectives and activities in a separate CSR performance perspective. Check My Work Previous Next Assignment Score: 98.04% Email Instructor Save and Exit Submit Assignment for Grading 4 ...9:24 1 v2.cengagenow.com Chapter 28 Strategic Initiatives and CSR Get Hitched Inc. is a production company that is in the process of testing a strategic initiative aimed at increasing gross profit. The company's current sales revenue is $1,800,000. Currently, the company's gross profit is 35% of sales, but the company's target gross profit percentage is 40%. The company's current monthly cost of production is $1,170,000. Of this cost, 60% is for labor, 30% is for materials, and 10% is for overhead. The strategic initiative being tested at Get Hitched is a redesign of its production process that splits the process into two sequential procedures. The make up of the costs of production for Procedure 1 is currently 50% direct labor, 45% direct materials, and 5% overhead. The makeup of the costs of production for Procedure 2 is currently 50% direct labor, 20% direct materials, and 30% overhead. Company management estimates that Procedure 1 costs twice as much as Procedure 2. 1. Determine what the cost of labor, materials, and overhead for both Procedures 1 and 2 would need to be for the company to meet its target gross profit at the current level of sales. Cost makeup of Procedure 1: Direct Labor 360,000 Direct Materials 324,000 Overhead 36,000 Total 720,000 Cost makeup of Procedure 2: Direct Labor 180,000 Direct Materials 72,000 Overhead 108,000 Total 360,000 2. The company's actual direct materials cost is $334,800 for Procedure 1. Determine the actual cost of direct labor, direct materials, and overhead for each procedure, and the total cost of production for each procedure. Cost makeup of Procedure 1: Direct Labor 372,000 Direct Materials 334,800 Overhead 37,200 Total 744,000 Cost makeup of Procedure 2: Direct Labor 186,000 Direct Materials 74,400 Overhead 111,600 Total 372,000 3. The company is planning a CSR initiative to reuse some of the indirect materials used in production during Procedure 2. These indirect materials normally make up 70% of the overhead cost for Procedure 2, but the CSR initiative would reduce the usage of indirect materials. Determine what the maximum new cost of these indirect materials could be for Dracedure ? if this CCD initiative ic avnerted to enable the company to meet its Check My Work Previous Next Assignment Score: 98.04% Email Instructor Save and Exit Submit Assignment for Grading 4