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PLEASE HELP!!! I NEED HELP WITH REQUIREMENTS 2,3,4,5,6 Requirements 1. Complete a production cost report for the Cutting Department and the Sewing Department. What is

PLEASE HELP!!! I NEED HELP WITH REQUIREMENTS 2,3,4,5,6image text in transcribedimage text in transcribedimage text in transcribed

Requirements

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

1,700

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

$500

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.

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

$500

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

$1.25

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

$1.20.

Should the company manufacture the cloth bags? Why or why not?
Data table Cutting Department Beginning balance Started in March Direct materials added in March Conversion costs Completed and transferred to Sewing Ending balance Print Amount $ 0 2,600 3,000 0 Done ??? Units 0 shirts 2,000 shirts 2,000 shirts 0 shirts X Data table Sewing Department Beginning balance, transferred in, $1,120; conversion costs, $480 Transferred in from Cutting Conversion costs added in March Completed and transferred to Finished Goods Ending balance, 70% complete Print Amount Units $ 1,600 Done ??? 2,148 ??? ??? 400 shirts ??? 1,700 shirts ??? I X Data table Job Quantity Design Fee Printing Status 367 50 Yes 3 colors Complete 368 200 No 2 colors Complete 369 400 Yes 4 colors Complete 370 300 Yes 5 colors Complete The New Orleans Shirt Company has previously determined that creating and programming the design cost $90 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 $0.40 per color per shirt. Print Done X

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