Total Manufacturing Cost, income statement, Unit Cost, and Selling Price Two inventors, recently organized innovation Inc, consult you regarding planned new product. They mutes of the costs of materials, labor, overhead and the expenses for 2016 but need to know how much to charge for each unit to earn a profitin 2016 equal to 15 of their strated to long terminvestment of 1640.000 dinare income Their plans indicate that each unit of now product requires the following Det Materiali wa mare Direct labor Zhrnca metal former Chetan abort 120 per Major items of production overhead would be annual rent of $24,336 for a factory building $45856 rent for machinery and $36.720 of indirect mul Other production overhead a estimated to be 5373,248 Selling expenses are an estimated 30% of total and non-factory administrate experies are 20% of totale 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 years beginning inventory. Also, antra 3.000 pounds of material will be purchased as beginning inventory for the next yearBecause of the nature of the manufactures allons started must be completed to work in processories are neglule Required Incorporate the above data treo a schedule of estimated tonal manufacturing costs and compare the unt production cost for 2016 Do not neneve signs with any of your answers Estimated to Mancing Coat For the warded December 2016 Dom Other factory whead www Type here to sth Business Return to course Required a. Incorporate the above data into a schedule of estimated total manufacturing co 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 Other factory overhead Cost of material available Less: Indirect materials used Total materials used Less: Cost of materials purchased Direct materials used Direct labor Manufacturing overhead Indirect material Building rent Machinery rent Total manufacturing overhead Total manufacturing costs $ Round answer to two decimal places. Product cost per unit b. Prepare an estimated income statement that would provide the target amount $ Income Statement For the Year Ended December 31, 2016 e Type here to search O Income Statement For the Year Ended December 31, 2016 $ Gross profit on sales Operating expenses e c. What unit sales price should Innovation charge for the new product? Check A Previous Save Answers Type here to search o Total Manufacturing Cost Income Statement Unit Cost, and Selling Price Two inventors recently organized as innovation inc.consult you regarding 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 profitin 2016 equal to 15% of their estimated total long-term investment of $40.000 Core income taxe Their plans indicate that each unit of the new product requires the following Direct Material or more Direct labor Major items of production overhead would be annual rent of 574 136 for a factory building. 545.856 rent for machinery and 534.720 of indirect material. Other production overhead is estimated to the 171.24. Selling expenses are intimated son or total sales and non lactory administrative expenses are 20% of total sales The contenus at innovation is tudung 2016 10.000 el product should be produced for selling and another 2.000 units should be produced for the res beginning wenturyAlso, nes 2,000 pounds of material wil be portes entory to the next years of the nature of the manutamine procedits are must be completed to work in procent pre nece Required Incorporate the above data into schedule of stated that costs and compute the unit production cost for 2016 Do not use negative signs with any of your Total Manufacturing Cost Income Statement, Unit Cost and Selling Price Two inventore recently organized as innovation Inc. comtals you regarding planned new product. They have estrates of the costs of materiais labor overhead, and other expenses for 2016 bed to know how much to charge for each unit to earn a profitin 2016 equal to 15 of their estimated to long-term investment of 5640,000 ore Income taxes Their plans indicate that each unit of the new product requires the following Direct Material of materiale Direct labor home Major item of production overhead winnarents for a factory buiding s.rent for machinery, and 534.720 of indirect material. Other production Overhead estimated to be 5.171.24. Selling experiested on or total sales and contactory administrative experts ar 20 of total sales The consensus atstovation is tudung 2016 18.000 units of product She produced for selling and another 2.000 units should be produced for the year's Degry. Asunt 2.000 pounds of material will be putte begin entory for the star case of the nature of me manufacturing processations started must be complete work in processen Required incorporate the above data into schedule of cutiuted to tutacturing costs and compute the production cost for 2016 Do not use negative signs with any of your 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 15% of their estimated total long-term investment of $640,000 (ignore income taxes). Their plans indicate that each unit of the new product requires the following Direct Material 4 lb. of a material costing $8 per Ib. Direct 2 hrs. of a metal former's time at $17.60 per hr. 0.6 hr of an assembler's time at $12.80 per hr. Major items of production overhead would be annual rent of $74,336 for a factory building, $45,856 rent for machinery, and $34,720 of indirect material. Other production overhead is estimated to be $373,248. Selling expenses are an estimated 30% of total sales, and non- factory administrative expenses are 20% of total sales. labor Support 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 beginning 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 process, all units started must be completed, so work in process inventories are negligible. 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