Product Cost Method of Product Costing MyPhone, Inc., uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 4,860 units of cell phones are as follows: Variable costs: Direct materials Direct labor $68 per unit 30 23 19 $140 per unit MyPhone desires a profit equal to a 14% rate of return on invested assets of $600,800. Determine the amount of desired profit from the production and sale of 4,860 units of cell phones. Factory overhead Selling and admin, exp Total variable cost per unit Fixed costs: Factory overhead Selling and admin. exp. b. Determine the product cost per unit for the production of 4,860 of cell phones. If required, round your answer to nearest dollar. per unit c. Determine the product cost markup percentage (rounded to two decimal places) for cell phones. d. Determine the selling price of cell phones. Round to the nearest dollar. Total Cost per unit per unit per unit Markup Selling price Check the Work $199,700 69,100 . Previous

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.