kindly solve it in details dont copy from chegg previous answers as i want to compare it with other answers, please solve it on word doc to be more cleare, Thanks.

Question) An electronics manufacturing company is planning to introduce a new product in the market. The best competitor sells a similar product at $420/unit. Other pertinent data are as follows:

Production hours: 2.61 hours /unit Direct labor cost: $15.00/hour Factory overhead: 120% of direct labor Production materials: $300/unit Packing cost: 20% of direct labor

The profit margin is based on the total manufacturing costs.

(a) using the information given, determine the maximum profit margin that the company can have so as to remain competitive.

(b) if the company desires a profit margin of 15%, can the target cost be achieved? If not, suggest two ways in which the target cost can be achieved