milar to) - Xhirt Company compiled the follov o types of T-shirts: basic a formation.) More Info data.) mpany compiled the follow Basic shirts are plain shirts without any screen printing on them. Custom shirts are created using the basic shirts and then adding a custom screen printing design. Sewing data) The company buys cloth in various colors and then makes the basic shirts in two departments, Cutting and Sewing. The company uses a process costing system (weighted-average method) to determine the production cost of the basic shirts. In the Cutting Department, direct materials (cloth) are added at the beginning of the process and conversion costs are added evenly through the process. In the Sewing Department, no direct materials are added. The only additional material, thread, is considered an indirect material because it cannot be easily traced to the finished product. Conversion costs are added evenly throughout the process in the Sewing Department. The finished basic shirts are sold to retail stores or are sent to the Custom Design Department for custom screen printing ast report for the Cutting De s to the nearest cent and all othe er the Cutting Department nt units of production) New Orleans Shirt Comp tion Cost Report-Cutting Month Ended March 31, 2 The Custom Design Department creates custom shirts by adding screen printing to the basic shirt. The department creates a design based on the customer's request and then prints the design using up to four colors. Because these shirts have the custom printing added, which is unique for each order, the additional cost incurred is determined using job order costing. with each custom order considered a separate job Transferred Whole Units In ber in the input fields and t Print Done a 1 of 1 (0 complete) - X Data Table irt Co data.) Units Amount Department Item 0 shirts 0 $ Beginning balance Cutting 1,900 shirts Started in March 2.470 Direct materials added in March 2,850 Conversion costs to th 1,900 shirts ??? Completed and transferred to Sewing 0 shirts 0 Ending balance Beginning balance, transferred in, $1,120 Sewing 400 shirts 1,600 conversion costs, $480 22? ??? Transferred in from Cutting 1,950 Conversion costs added in March 1,750 shirts 2?? Completed and transferred to Finished Goods 2?? ??? Ending balance, 50% complete Done Print elEar All 1 of 1 (0 complete) - X Data Table hirt Company ic and cu data.) Status Printing Quantity Design Fee Job lowing da Complete 3 colors Yes 300 367 Complete 5 colors No 368 350 Complete 4 colors 400 Yes 369 Departm Complete 5 colors Yes 370 200 s to the nea (Comp The New Orleans Shirt Company has previously determined that creating and programming the design cost $70 per design. This is a one-time charge. If a customer places another order with the same design, the customer is not charged a second time. Additionally, the cost to print is $1.10 per color per shirt pany g Depar 2018 Print Done Materials Costs - X iRequirements Shirt Company irts: bas gn data.) 1. Complete a production cost report for the Cutting Department and the Sewing Department. What is the cost of one basic shirt? 2. Determine the total cost and the average cost per shirt for jobs 367, 368, 369, and 370. If the company set the sales price at 180 % of the total cost determine the total sales price of each job. 3. In addition to the custom jobs, the New Orleans Shirt Company sold 1,750 basic shirts (assume the beginning balance in Finished Goods Inventory is sufficient to make these sales, and the unit cost of the basic shirts in Finished Goods Inventory is the same as the unit cost incurred this month). If the company set the sales price at 125% of the cost, determine the sales price per unit, total sales revenue, total cost of goods sold, and total gross profit for the basic shirts. 4. Calculate the total revenue, total cost of goods sold, and total gross profit for all sales, basic and custom. 5. Assume the company sold only basic shirts (no custom designs) and incurred fixed costs of $575 per month a. Calculate the contribution margin per unit, contribution margin ratio, required sales in units to break even, and required sales in dollars to break even. ed the fo Cutting hts to the neare partme ction.) Shirt Co rt-Cutti March 3 ansferr In Datarmine tha marnin of cafatu in unite and dollars h lelds an Done Print Clear All X i Requirements Shirt Company compile irts: bas Calculate ure otarrevenue, otarCOst O all sales, basic and custom. pruto goouS SUId, diiU Totar gros gn data.) ed the fo 5. Assume the company sold only basic shirts (no custom designs) and incurred fixed costs of $575 per month. a. Calculate the contribution margin per unit, contribution margin ratio, required sales in units to break even, and required sales in dollars to break even e Cutting b. Determine the margin of safety in units and dollars. c. Graph New Orleans Shirt Company's CVP relationships. Show the breakeven point, the sales revenue line, the fixed cost line, the total cost line, the operating loss area, and the operating income area. d. Suppose the New Orleans Shirt Company wants to earn an operating income of $1.200 per month. Compute the required sales in units and dollars to achieve this profit goal. 6. The New Orleans Shirt Company is considering adding a new product line, a cloth shopping bag with custom screen printing that will be sold to grocery stores If the current market price of cloth shopping bags is $0.75 and the company desires a net profit of 20%, what is the target cost? The company estimates the full product cost of the cloth bags will be S0.70. Should the company manufacture the cloth bags? Why or why not? hts to the nearest cent a epartme ction.) Shirt Co ort-Cutti March 3 Transferr In fields an Done Print Clear All ACCT 2023-08W Smith Fall 2019 Homework: Project 2 1 of 1 (0 complete) Score: 0 of 50 pts Question 1, Comp21-1 (similar to) For the same time period, the New Orleans Shirt Company comples Department E (Click the icon to view the Custom Design data ) The New Orleans Shirt Company makes two types of T-shirts: basic and custom. (Click the icon to view the additional information) For March 2018, the New Orleans Shirt Company compiled the following data for the Cutting and Sewing Departments EEB (Cick the icon to view the Cutting and Sewing data) Read the requirements Requirement 1. Complete a production cost report for the Cutting Department and the Sewing Department. What is the cost of one basic shirt? Begin by completing a production report for the Cutting Department (Complete all answer boxes Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent dollar. Abbreviation used EUP equivalent units of production) New Orleans Shirt Company Production Cost Report Cutting Department Month Ended March 31, 2018 Equivalent Units Direct Conversion Transferred Whole Costs Materials Units In UNITS Units to account for Choose from any list or enter any number in the input flelds and then click Check Answer 24 arts remaining Clear All 1 of 1 (0 complete) Score: 0 of 50 pts Question 1, Comp21-1 (similar to) For the same time period, the New Department (Click the icon to view the Cu The New Orleans Shirt Company makes two types of T-shirts: basic and custom. (Click the icon to view the additional infomation) For March 2018, the New Orleans Shirt Company compiled the following data for the Cutting and Sewing Departments: (Click the icon to view the Cutting and Sewing data.) Read the requirements Equivalent Units Direct Conversion Whole Transferred Costs Units In Materials UNITS Units to account for Total units to account for Units accounted for n/a Choose from any list or enter any number in the input fields and then click Check Answer 24 parts remaining Clear All a Homework: Project 2 Score: 0 of 50 pts 1 of 1 (0 complete) Question 1, Comp21-1 (similar to) The New Orleans Shirt Company makes two types of T-shirts: basic and custom. (Click the icon to view the additional information.) For the same time period, the Ne Department EE(Click the icon to view the Cu For March 2018, the New Orleans Shirt Company compiled the following data for the Cutting and Sewing Departments: EE (Click the icon to view the Cutting and Sewing data.) Read the requirements UNITS Units Materials Costs In Units to account for Total units to account for Units accounted for n/a n/a n/a Total units accounted for Choose from any list or enter any number in the input fields and then click Check Answer 24 ans remaining Clear All a