Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Imperial Devices (ID) has offered to supply the state government with one model of its security screening device at 'cost plus 20 percent. ID operates

image text in transcribed
Imperial Devices (ID) has offered to supply the state government with one model of its security screening device at 'cost plus 20 percent." ID operates a manufacturing plant that can produce 22.000 devices per year, but it normally produces 20,000. The costs to produce 20,000 devices follow. Total Cost Cost per Device Production costs: Materials Labar Supplies and other costs that will vary with production Indirect cost that will not vary with production Variable marketing costs Administrative costs will not vary with production) Totals $ 1,200,000 1,720,000 860.000 540,000 1,600,000 1,240,000 $7.160,000 $ 60.00 36.00 43.00 27.00 80.00 62.00 $ 350.00 Based on these data, company management expects to receive $429.60 = $358.00 - 120 percent) per monitor for those sold on this contract. After completing 2,000 monitors, the company sent a bill invoice) to the government for $859,200 2,000 monitors $429.60 per monitor) The president of the company received a call from a state auditor, who stated that the per monitor cost should be Materials Labor Supplies and other costs that will vary with production $ 60.00 86.00 43. $ 189.00 Therefore, the price per monitor should be $226,80 (- $189.00 - 120 percent). The state government ignored marketing costs because the contract bypassed the usual selling channels. Required: For each of the four situations, calculate the costbasis per device based on the information shown above. (Round intermediate calculations and final answers to 2 decimal places.) Options: A Only the differential production costs could be considered as the cost basis. B. The total cost per device for normal production of 20.000 devices could be used as the cost basis. C. The total cost per device for production of 22,000 devices, excluding marketing costs, could be used as the cost basis. D. The total cost per device for production of 22,000 devices, including marketing costs could be used as the cost basis

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Mcgraw Hill 36 Hour Course In Finance For Non Financial Managers

Authors: Robert Cooke

2nd Edition

0071425462, 978-0071425469

More Books

Students also viewed these Accounting questions

Question

love of humour, often as a device to lighten the occasion;

Answered: 1 week ago

Question

orderliness, patience and seeing a task through;

Answered: 1 week ago

Question

well defined status and roles (class distinctions);

Answered: 1 week ago