Total manufacturing cost, income statement, unit cost, and selling price

SOPH My scripcions Andrew Glow Ozon 3 Partially correct Mark 0.53 out of 1.00 Pflaggston Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price Two inventors, recently organized as innovation, Inc., consult you regarding a planned new product. They have estimates of the costs of materials, labor, overhead and other expenses for 2016 but need to know how much to charge for each unit to earn a profit in 2016 equal to 156 of their estimated total long-term investment of 720,000 (ignore income taxes. their plans indicate that each unit of the new product requires the following Direct Material 4th of a material costing perb Direct labor 2 hrs of a metal formers time at 1190 per 06h of an emblersta 154.40 per hr Major items of production overhead would be annual rent of 583,628 for a factory building $53,518 rent for machinery, and 139,000 of indirect material. Other production overheadh estimated to be $419.904. Selling expenses are an estimated 30% of total sales, and non factory administrative expenses are 20 of total sales The consensus at Innovation is that during 2016 10,000 units of product should be produced for selling and another 2,000 units should be produced for the next year's begining inventory. Also, an extra 3,000 pounds of material will be purchased as beginning inventory for the next year. Because of the nature of the manufacturing press started must be completed, so work in process inventores are negible Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cout for 2016 Do not use negative signs with any of your answers Estimated Total Manufacturing Colt For the Year Ended December 31.2016 the material Beniny Costume purchased 255.000 Cost of material available 255.000 E Business Course * Return to course Su Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2016. Do not use negative signs with any of your answers. Estimated Total Manufacturing Cost For the Year Ended December 31,2016 Direct material: Beginning materials Inventory 5 0 Cost of materials purchased 255,000 X Cost of material available 255,000 K Less: Ending materials inventory e 15,000 X Total materials used 240,000 X Indirect materials used Less 39,060 Direct materials used $ 200,940 K Direct labor 475,200 x Manufacturing overhead Indirect material 39,060 Building rent 83,628 Machinery rent 51,588 Other factory overhead 419,904 Total manufacturing overhead 594.180 Total manufacturing costs $ OX Round answer to two decimal places Product cost per unit $ OX b. Prepare an estimated income statement that would provide the target amount of profit for 2016, a Other factory overhead 419,904 Total manufacturing overhead 594,180 Total manufacturing costs $ 0 X Round answer to two decimal places. Product cost per unit $ OX b. Prepare an estimated income statement that would provide the target amount of profit for 2016. Income Statement For the Year Ended December 31, 2016 Sales $ OX Cost of goods sold OX Gross profit on sales Operating expenses: Selling expenses 5 0X Administrative expenses OX OX Net income 108,000 c. What unit sales price should Innovation charge for the new product? dx Check SOPH My scripcions Andrew Glow Ozon 3 Partially correct Mark 0.53 out of 1.00 Pflaggston Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price Two inventors, recently organized as innovation, Inc., consult you regarding a planned new product. They have estimates of the costs of materials, labor, overhead and other expenses for 2016 but need to know how much to charge for each unit to earn a profit in 2016 equal to 156 of their estimated total long-term investment of 720,000 (ignore income taxes. their plans indicate that each unit of the new product requires the following Direct Material 4th of a material costing perb Direct labor 2 hrs of a metal formers time at 1190 per 06h of an emblersta 154.40 per hr Major items of production overhead would be annual rent of 583,628 for a factory building $53,518 rent for machinery, and 139,000 of indirect material. Other production overheadh estimated to be $419.904. Selling expenses are an estimated 30% of total sales, and non factory administrative expenses are 20 of total sales The consensus at Innovation is that during 2016 10,000 units of product should be produced for selling and another 2,000 units should be produced for the next year's begining inventory. Also, an extra 3,000 pounds of material will be purchased as beginning inventory for the next year. Because of the nature of the manufacturing press started must be completed, so work in process inventores are negible Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cout for 2016 Do not use negative signs with any of your answers Estimated Total Manufacturing Colt For the Year Ended December 31.2016 the material Beniny Costume purchased 255.000 Cost of material available 255.000 E Business Course * Return to course Su Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2016. Do not use negative signs with any of your answers. Estimated Total Manufacturing Cost For the Year Ended December 31,2016 Direct material: Beginning materials Inventory 5 0 Cost of materials purchased 255,000 X Cost of material available 255,000 K Less: Ending materials inventory e 15,000 X Total materials used 240,000 X Indirect materials used Less 39,060 Direct materials used $ 200,940 K Direct labor 475,200 x Manufacturing overhead Indirect material 39,060 Building rent 83,628 Machinery rent 51,588 Other factory overhead 419,904 Total manufacturing overhead 594.180 Total manufacturing costs $ OX Round answer to two decimal places Product cost per unit $ OX b. Prepare an estimated income statement that would provide the target amount of profit for 2016, a Other factory overhead 419,904 Total manufacturing overhead 594,180 Total manufacturing costs $ 0 X Round answer to two decimal places. Product cost per unit $ OX b. Prepare an estimated income statement that would provide the target amount of profit for 2016. Income Statement For the Year Ended December 31, 2016 Sales $ OX Cost of goods sold OX Gross profit on sales Operating expenses: Selling expenses 5 0X Administrative expenses OX OX Net income 108,000 c. What unit sales price should Innovation charge for the new product? dx Check