Flint Corporation produces microwave ovens. The following unit cost information is available: direct materials $33, direct labor $29,variable manufacturing overhead $12, fixed manufacturing overhead $41, variable selling and administrative expenses $16, and fixedselling and administrative expenses $29. Its desired ROI per unit is $30.40. Compute its markup percentage using a total-costapproach. (Round answer to 2 decimal places, e.g. 10.50%.)Markup percentage%

Given information, Direct materials = $33Direct labor = $29Variable manufacturing overhead =…

Answered: Flint Corporation produces microwave…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct material: 5 pounds at $8.00 per pound Direct labor: 3 hours at $15 per hour Variable overhead: 3 hours at $9 per hour Total standard variable cost per unit The company also established the following cost formulas for its selling expenses: Variable Cost per Unit Sold Advertising Sales salaries and commissions Shipping expenses Fixed Cost per Month $ 350,000 $ 400,000 $ 40.00 45.00 27.00 $112.00 The planning budget for March was based on producing and selling 21,000 units. However, during March the company actually produced and sold 26,000 units and incurred the following costs: Direct labor cost $ 27.00 $18.00 a. Purchased 160,000 pounds of raw materials at a cost of $6.50 per pound. All of this material was used in production. b.…
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1
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