Product Costing The cost of materiats 6$22.59. One person can assemblo four per hour. You pay that person 51025 per hour. The cost of pacionging i 51.50 and it takes. 5 minutes to package the product. You pay the person that does the packaging $10.25 pet hour. A. othor costs are included in manetacturing overhead that is chargod at 50% of the product moterial and labor. Sales, general, and acministrative cost is charged at 40% of the tolal mantactured cost. What is the total manufaclured cost of the product? All products are required to sell at a minimern profit of 20%. What is the minimum salling price? You boleve that you can sell the product for $90.06. What is the profit in dollars and petcentage? The union at the manufacturing facility just negotiated a new contract. The new labor rate is $10.97 por hour. What is the profit in dollars and percentage now? Hint 1. How to find the percent profit with as given sefing price. When the seling price and the cost price of a product is givan, the profit can be calculated using the formula, Profit = Seling Price - Cost Price. After this, the profit percentege formela that is used is. Profit percentage = (ProfivCost Prico) =100 Hint 2. What de I mulliply to a product cost to achieve a 20 ho protht? Mullipty the original price by 0.2 to find the amount of a 20 percent markup of mattiply it by 1.2 to tind the total price (incluating markup)