Please help with requirements 3&4
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 New Orleans Shirt Company compiled the following data for the Custom Design Department: (Click the icon to view the Custom Design data.) Read the requirements For March 2018, the New Orleans Shirt Company compiled the following data for the Cutting and Sewing Departments: E: (Click the icon to view the Cutting data.) (Click the icon to view the Sewing data) X 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 input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) Data Table New Orleans Shirt Company Production Cost Report-Cutting Department Month Ended March 31, 2018 Cutting Department Amount Units Equivalent Units 0 Whole O shirts Transferred Direct Beginning balance Conversion Units UNITS In 1,100 shirts Materials Started in March Costs Direct materials added in March 1,430 Units to account for: Conversion costs 1,650 Beginning work-in-process 0 1,100 ??? Started in production Completed and transferred to Sewing 1,100 shirts 0 Ending balance 1,100 O shirts Total units to account for Print Done Units accounted for: Completed and transferred out Ending work-in-process 1,100 1,100 1,100 n/a n/a 0 0 0 1,100 n/a 1,100 1,100 Total units accounted for Transferred Direct Conversion Total COSTS In Materials Costs Costs $ 0 $ 0 $ 0 Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP n/a n/a 1,430 1,650 3,080 n/a $ 3,080 1,430 $ 1,100 1,650 $ 1,100 n/a n/a $ 1.30 $ 1.50 Cost per equivalent unit Costs accounted for: Completed and transferred out n/a $ 1,430 $ 1,650 $ 3,080 n/a $ 1.30 $ 1.50 Cost per equivalent unit Costs accounted for Completed and transferred out Ending work-in-process n/a $ 1,430 $ 1,650 $ 3,080 n/a 0 0 0 n/a $ 1,430 $ 1,650 $ 3,080 Total costs accounted for Now complete a production report for the Sewing Department. (Complete all input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar.) - X Data Table New Orleans Shirt Company Production Cost Report-Sewing Department Month Ended March 31, 2018 Equivalent Units Amount Units Whole Transferred Direct Conversion UNITS Units In Materials Costs $ 1,600 400 shirts 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 ??? Units to account for: Beginning work-in-process ??? 400 1.188 Transferred in 1,100 ??? 950 shirts 1,500 Total units to account for Ending balance, 80% complete ??? ??? Print Done Units accounted for: Completed and transferred out 950 950 n/a 950 Units accounted for: Completed and transferred out Ending work-in-process 950 950 950 n/a n/a 550 550 440 1,500 1,500 n/a 1,390 Total units accounted for Transferred Conversion Direct Materials Total Costs In Costs $ $ 480 $ COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP 1,120 3,080 n/a n/a 1,600 4,268 1,188 n/a $ 5,868 4,200 1,500 1,668 $ 1,390 n/a $ 2.80 n/a $ $ 1.20 $ 4.00 Cost per equivalent unit Costs accounted for: Completed and transferred out 2,660 n/a $ 1,140 $ 3,800 Ending work-in-process 1,540 nia 528 2,068 4,200 n/a $ 1,668 $ 5,868 Total costs accounted for Requirement 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 160% of the total cost determine the total sales price of each job. nd all total cost amounts Begin by determining the total cost of each order (job). In the steps that follow, calculate the average cost per shirt, the sales price per shirt, and the to the nearest whole dollar and all per unit (shirt) amounts to the nearest cent. Complete all input fields. Enter a "0" for any zero balances.) Data Table Job (Custom Shirts) 367 368 369 370 Total Total cost of basic shirts $ 1,200 $ 1,400 $ 800 $ 1,600 60 0 60 60 Job Quantity Design Fee Printing Status Design costs Printing costs 1,080 630 540 1,800 367 300 Yes 4 colors Total cost of the order $ 2,340 $ 2,030 $ 1,400 $ 3,460 $ 9,230 368 350 No 2 colors Complete Complete Complete Complete $ 7.80 $ Average cost per shirt 5.80 $ 7.00 $ 8.65 369 200 Yes 3 colors 370 400 Yes 5 colors Sales price per shirt $ 12.48 $ 9.28 $ 11.20 $ 13.84 Total sales revenue from the order $ 3,744 $ 3,248 $ 2,240 $ 5,536 $ 14,768 The New Orleans Shirt Company has previously determined that creating and programming the design cost $60 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 $0.90 per color per shirt. Enter any number in the edit fields and then click Check Answer. Requirement 3. In addition to the custom jobs, the New Orleans Shirt Company sold 950 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. (Round per unit amounts to the nearest cent and all other amounts to the nearest whole dollar.) 950 Basic shirts Sales price per unit (per basic shirt) Total sales revenue from 950 basic shirts Total cost of goods sold for 950 basic shirts Total gross profit for 950 basic shirts rto) Requirements - X stom ma litid - More Info SI RE tin vin 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. 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 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 160% of the total cost, determine the total sales price of each job. 3. In addition the custom jobs, the New Orleans Shirt Company sold 950 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 $600 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 $1,000 per month. Compute the required sales in units and dollars to achieve this profit goal. cu OS Ild nce ales s in Fi hirts. 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. rt) 3 asil Print Done rts ds and then click Check Answer. Print Done 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 New Orleans Shirt Company compiled the following data for the Custom Design Department: (Click the icon to view the Custom Design data.) Read the requirements For March 2018, the New Orleans Shirt Company compiled the following data for the Cutting and Sewing Departments: E: (Click the icon to view the Cutting data.) (Click the icon to view the Sewing data) X 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 input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) Data Table New Orleans Shirt Company Production Cost Report-Cutting Department Month Ended March 31, 2018 Cutting Department Amount Units Equivalent Units 0 Whole O shirts Transferred Direct Beginning balance Conversion Units UNITS In 1,100 shirts Materials Started in March Costs Direct materials added in March 1,430 Units to account for: Conversion costs 1,650 Beginning work-in-process 0 1,100 ??? Started in production Completed and transferred to Sewing 1,100 shirts 0 Ending balance 1,100 O shirts Total units to account for Print Done Units accounted for: Completed and transferred out Ending work-in-process 1,100 1,100 1,100 n/a n/a 0 0 0 1,100 n/a 1,100 1,100 Total units accounted for Transferred Direct Conversion Total COSTS In Materials Costs Costs $ 0 $ 0 $ 0 Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP n/a n/a 1,430 1,650 3,080 n/a $ 3,080 1,430 $ 1,100 1,650 $ 1,100 n/a n/a $ 1.30 $ 1.50 Cost per equivalent unit Costs accounted for: Completed and transferred out n/a $ 1,430 $ 1,650 $ 3,080 n/a $ 1.30 $ 1.50 Cost per equivalent unit Costs accounted for Completed and transferred out Ending work-in-process n/a $ 1,430 $ 1,650 $ 3,080 n/a 0 0 0 n/a $ 1,430 $ 1,650 $ 3,080 Total costs accounted for Now complete a production report for the Sewing Department. (Complete all input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar.) - X Data Table New Orleans Shirt Company Production Cost Report-Sewing Department Month Ended March 31, 2018 Equivalent Units Amount Units Whole Transferred Direct Conversion UNITS Units In Materials Costs $ 1,600 400 shirts 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 ??? Units to account for: Beginning work-in-process ??? 400 1.188 Transferred in 1,100 ??? 950 shirts 1,500 Total units to account for Ending balance, 80% complete ??? ??? Print Done Units accounted for: Completed and transferred out 950 950 n/a 950 Units accounted for: Completed and transferred out Ending work-in-process 950 950 950 n/a n/a 550 550 440 1,500 1,500 n/a 1,390 Total units accounted for Transferred Conversion Direct Materials Total Costs In Costs $ $ 480 $ COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP 1,120 3,080 n/a n/a 1,600 4,268 1,188 n/a $ 5,868 4,200 1,500 1,668 $ 1,390 n/a $ 2.80 n/a $ $ 1.20 $ 4.00 Cost per equivalent unit Costs accounted for: Completed and transferred out 2,660 n/a $ 1,140 $ 3,800 Ending work-in-process 1,540 nia 528 2,068 4,200 n/a $ 1,668 $ 5,868 Total costs accounted for Requirement 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 160% of the total cost determine the total sales price of each job. nd all total cost amounts Begin by determining the total cost of each order (job). In the steps that follow, calculate the average cost per shirt, the sales price per shirt, and the to the nearest whole dollar and all per unit (shirt) amounts to the nearest cent. Complete all input fields. Enter a "0" for any zero balances.) Data Table Job (Custom Shirts) 367 368 369 370 Total Total cost of basic shirts $ 1,200 $ 1,400 $ 800 $ 1,600 60 0 60 60 Job Quantity Design Fee Printing Status Design costs Printing costs 1,080 630 540 1,800 367 300 Yes 4 colors Total cost of the order $ 2,340 $ 2,030 $ 1,400 $ 3,460 $ 9,230 368 350 No 2 colors Complete Complete Complete Complete $ 7.80 $ Average cost per shirt 5.80 $ 7.00 $ 8.65 369 200 Yes 3 colors 370 400 Yes 5 colors Sales price per shirt $ 12.48 $ 9.28 $ 11.20 $ 13.84 Total sales revenue from the order $ 3,744 $ 3,248 $ 2,240 $ 5,536 $ 14,768 The New Orleans Shirt Company has previously determined that creating and programming the design cost $60 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 $0.90 per color per shirt. Enter any number in the edit fields and then click Check Answer. Requirement 3. In addition to the custom jobs, the New Orleans Shirt Company sold 950 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. (Round per unit amounts to the nearest cent and all other amounts to the nearest whole dollar.) 950 Basic shirts Sales price per unit (per basic shirt) Total sales revenue from 950 basic shirts Total cost of goods sold for 950 basic shirts Total gross profit for 950 basic shirts rto) Requirements - X stom ma litid - More Info SI RE tin vin 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. 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 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 160% of the total cost, determine the total sales price of each job. 3. In addition the custom jobs, the New Orleans Shirt Company sold 950 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 $600 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 $1,000 per month. Compute the required sales in units and dollars to achieve this profit goal. cu OS Ild nce ales s in Fi hirts. 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. rt) 3 asil Print Done rts ds and then click Check Answer. Print Done
