Question
Plasto Corporation manufactures a variety of plastic products, including a series of molded chairs. The three models of molded chairs, which are all variations of
Plasto Corporation manufactures a variety of plastic products, including a series of molded chairs. The three models of molded chairs, which are all variations of the same design, are Standard (can be stacked), Deluxe (with arms), and Executive (with arms and padding). The company uses batch and has an operation-costing system. The production process includes an extrusion operation and subsequent operations to form, trim, and finish the chairs. Plastic sheets are produced by the extrusion operation, some of which are sold directly to other manufacturers. During the forming operation, the remaining plastic sheets are molded into chair seats and the legs are added; the Standard model is sold after this operation. During the trim operation, the arms are added to the Deluxe and Executive models and the chair edges are smoothed. Only the Executive model enters the finish operation where the padding is added. All of the units produced receive the same steps within each operation. The May production run had a total manufacturing cost of $997,400. The units of production and direct-material costs incurred were as follows: Units Produced Extrusion Materials Form Materials Trim Materials Finish Materials Plastic sheets 4,600 $ 59,800 Standard model 5,800 75,400 $ 23,200 Deluxe model 2,900 37,700 11,600 $ 8,700 Executive model 2,400 31,200 9,600 7,200 $ 14,400 Total 15,700 $ 204,100 $ 44,400 $ 15,900 $ 14,400 Manufacturing costs applied during the month of May were as follows: Extrusion Operation Form Operation Trim Operation Finish Operation Direct labor $ 237,070 $ 57,000 $ 30,210 $ 19,200 Manufacturing overhead 219,800 87,300 39,220 28,800 Required: 1. For each product produced by Plasto Corporation during the month of May, determine the (a) unit cost and (b) total cost. Be sure to account for all costs incurred during the month. (Round "Unit costs" to 2 decimal places.)
Required Information [The following information applies to the questions displayed below.] Plasto Corporation manufactures a variety of plastic products, including a series of molded chairs. The three models of molded chairs, which are all variations of the same design are Standard (can be stacked). Deluxe (with arms). and Executive (with arms and padding). The company uses batch manufacturing and has an operation-costing system. The production process includes an extrusion operation and subsequent operations to form, trim, and finish the chairs. Plastic sheets are produced by the extrusion operation, some of which are sold directly to other manufacturers. During the forming operation, the remaining plastic sheets are molded into chair seats and the legs are added the Standard model is sold after this operation. During the trim operation, the arms are added to the Deluxe and Executive models and the chair edges are smoothed. Only the Executive model enters the finish operation where the padding is added. All of the units produced receive the same steps within each operation. The May production run had a total manufacturing cost of $997.400. The units of production and direct-material costs incurred were as follows: Plastic sheets Standard model Deluxe model Executive model Total Units Extrusion Form Trim Finish Produced Materials Materials Materials Materials 4,620 $ 59,800 5,880 75,480 $23,280 2,900 37,700 11,680 $ 8,700 2,400 31, 200 9,689 7,200 $14,400 15,700 $284, 280 $44,480 $15,989 $14,480 Manufacturing costs applied during the month of May were as follows: Direct labor Manufacturing overhead Extrusion Operation $ 237,870 219,880 Form Operation $ 57,980 87,380 Trim Operation $ 30,210 39,220 Finish Operation $ 19, 200 28,880 Required: 1. For each product produced by Piasto Corporation during the month of May, determine the (a) unit cost and (b) total cost. Be sure to account for all costs incurred during the month. (Round "Unlt costs" to 2 decimal places.) Product Unit Costs Total Product Costs Plastic sheets Standard model Deluxe model Executive model Total S 0Step by Step Solution
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