Philip Company produces mathematical and financial calculators and operates at capacity. Data related to the two products are presented here. (Click the icon to view the data.) Total manufacturing overhead costs are as follows: (Click the icon to view the overhead costs.) CICE Requirements 1. Choose a cost driver for each overhead cost pool and calculate the manufacturing overhead cost per unit for each product. Compute the manufacturing cost per unit for each product 2. 3. How might Philip's managers use the new cost information from its activity-based costing system to better manage its business? Data table Annual production in units Direct materials cost Direct manufacturing labor cost Direct manufacturing labor-hours Machine-hours Number of production runs Inspection-hours Mathematical 50,000 175.000 $ 75,000 S 3,000 20,000 50 1,000 Financial 125,000 437,500 187.500 7,500 50,000 50 500 Data table Machining costs Setup costs Inspection costs $ Total 490,000 135.000 120.000 Philip Company produces mathematical and financial calculators and operates at capacity. Data related to the two products are presented here. (Click the icon to view the data.) Total manufacturing overhead costs are as follows: (Click the icon to view the overhead costs.) CICE Requirements 1. Choose a cost driver for each overhead cost pool and calculate the manufacturing overhead cost per unit for each product. Compute the manufacturing cost per unit for each product 2. 3. How might Philip's managers use the new cost information from its activity-based costing system to better manage its business? Data table Annual production in units Direct materials cost Direct manufacturing labor cost Direct manufacturing labor-hours Machine-hours Number of production runs Inspection-hours Mathematical 50,000 175.000 $ 75,000 S 3,000 20,000 50 1,000 Financial 125,000 437,500 187.500 7,500 50,000 50 500 Data table Machining costs Setup costs Inspection costs $ Total 490,000 135.000 120.000 Philip Company produces mathematical and financial calculators and operates at capacity. Data related to the two products are presented here. (Click the icon to view the data.) Total manufacturing overhead costs are as follows: (Click the icon to view the overhead costs.) CICE Requirements 1. Choose a cost driver for each overhead cost pool and calculate the manufacturing overhead cost per unit for each product. Compute the manufacturing cost per unit for each product 2. 3. How might Philip's managers use the new cost information from its activity-based costing system to better manage its business? Data table Annual production in units Direct materials cost Direct manufacturing labor cost Direct manufacturing labor-hours Machine-hours Number of production runs Inspection-hours Mathematical 50,000 175.000 $ 75,000 S 3,000 20,000 50 1,000 Financial 125,000 437,500 187.500 7,500 50,000 50 500 Data table Machining costs Setup costs Inspection costs $ Total 490,000 135.000 120.000 Philip Company produces mathematical and financial calculators and operates at capacity. Data related to the two products are presented here. (Click the icon to view the data.) Total manufacturing overhead costs are as follows: (Click the icon to view the overhead costs.) CICE Requirements 1. Choose a cost driver for each overhead cost pool and calculate the manufacturing overhead cost per unit for each product. Compute the manufacturing cost per unit for each product 2. 3. How might Philip's managers use the new cost information from its activity-based costing system to better manage its business? Data table Annual production in units Direct materials cost Direct manufacturing labor cost Direct manufacturing labor-hours Machine-hours Number of production runs Inspection-hours Mathematical 50,000 175.000 $ 75,000 S 3,000 20,000 50 1,000 Financial 125,000 437,500 187.500 7,500 50,000 50 500 Data table Machining costs Setup costs Inspection costs $ Total 490,000 135.000 120.000