?? Magpie Corporation uses the total cost concept ofproduct pricing. Below is the cost information for theproduction and sale of 56,600 units of its sole product.Magpie desires a profit equal to a 21% rate of return oninvested assets of $584,000.Fixed factory overhead cost$38,600Fixed selling and administrative costs$8,000Variable direct materials cost per unit$4.92Variable direct labor cost per unit$1.88Variable factory overhead cost per unit$1.13Variable selling and administrative cost per unit $4.50The markup percentage on the total cost for thecompany's product is ?

Explanation of Markup Percentage:The markup percentage is the percentage added to the total cost of…

Answered: Magpie Corporation uses the total cost…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
Roper Furniture manufactures office furniture and tracks cost data across their process. The following are some of the costs that they incur. Classify these costs as fixed or variable costs, and as product costs or period costs. Wood used to produce desks ($125,00 per desk) Production labor used to produce desks ($15 per hour) Production supervisor salary ($45,000 per year) Depreciation on factory equipment ($60,000 per year) Selling and administrative expenses ($45,000 per year) Rent on corporate office ($44,000 per year) Nails, glue, and other materials required to produce desks (varies per desk) Utilities expenses for production facility Sales staff commission (5% of gross sales)
Cool Pool has these costs associated with production of 20,000 units of accessory products: direct materials, $70; direct labor, $110; variable manufacturing overhead, $45; total fixed manufacturing overhead, $800,000. What is the cost per unit under both the variable and absorption methods?
Product cost method of product costing Smart Stream Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 10,000 cell phones are as follows: Smart Stream desires a profit equal to a 30% return on invested assets of 1,200,000. A. Determine the amount of desired profit from the production and sale of 10,000 cell phones. B. Determine the product cost per unit for the production of 10,000 cell phones. C. Determine the product cost markup percentage for cell phones. D. Determine the selling price of cell phones.
Rose Company has a relevant range of production between 10,000 and 25.000 units. The following cost data represents average cost per unit for 15,000 units of production. Using the cost data from Rose Company, answer the following questions: If 10,000 units are produced, what is the variable cost per unit? If 18,000 units are produced, what is the variable cost per unit? If 21,000 units are produced, what are the total variable costs? If 11,000 units are produced, what are the total variable costs? If 19,000 units are produced, what are the total manufacturing overhead costs incurred? If 23,000 units are produced, what are the total manufacturing overhead costs incurred? If 19,000 units are produced, what are the per unit manufacturing overhead costs incurred? If 25,000 units are produced, what are the per unit manufacturing overhead costs incurred?
Magpie Corporation uses the total cost concept of product pricing. Below is the cost information for the production and sale of 59,700 units of its sole product. Magpie desires a profit equal to a 22% rate of return on invested assets of $588,000. Fixed factory overhead cost $38,100 Fixed selling and administrative costs 7,500 Variable direct materials cost per unit 4.32 Variable direct labor cost per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The cost per unit for the production and sale of the company's product is
Magpie Corporation uses the total cost concept of product pricing. Below is the cost information for the production and sale of 56,600 units of its sole product. Magpie desires a profit equal to a 21% rate of return on invested assets of $584,000. Fixed factory overhead cost $38,600 Fixed selling and administrative costs Variable direct materials cost per unit $8,000 $4.92 Variable direct labor cost per unit $1.88 Variable factory overhead cost per unit $1.13 Variable selling and administrative cost per unit $4.50 The markup percentage on the total cost for the company's product is ?
Magpie Corporation uses the total cost method of product pricing. Below is cost information for the production and sale of 61,700 units of its sole product. Magpie desires a profit equal to a 23% return on invested assets of $621,000. Line Item Description Amount Fixed factory overhead cost $38,700 Fixed selling and administrative costs 7,100 Variable direct materials cost per unit 4.48 Variable direct labor cost per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The cost per unit for the production and sale of Magpie's product is
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Magpie Corporation uses the total cost method of product pricing. Below is cost information for the production and sale of 59,900 units of its sole product. Magpie desires a profit equal to a 19% return on invested assets of $554,000. Fixed factory overhead cost $36,700 Fixed selling and administrative costs 7,900 Variable direct materials cost per unit 5.15 Variable direct labor cost per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The dollar amount of desired profit from the production and sale of Magpie's product is a.$105,260 b.$554,000 c.$210,520 d.$84,208
Magpie Corporation uses the total cost method of product pricing. Below is cost information for the production and sale of 58,700 units of its sole product. Magpie desires a profit equal to a 21% return on invested assets of $621,000. Fixed factory overhead cost $37,800 Fixed selling and administrative costs 7,600 Variable direct materials cost per unit 4.54 Variable direct labor cost per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The markup percentage on total cost for Magpie's product is
Magpie Corporation uses the total cost method of product pricing. Below is cost information for the production and sale of 64,400 units of its sole product. Magpie desires a profit equal to a 19% return on invested assets of $619,000. Fixed factory overhead cost $36,000 Fixed selling and administrative costs 7,500 Variable direct materials cost per unit 4.72 Variable direct labor cost per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The cost per unit for the production and sale of Magpie's product is

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