Reference no: EM131817445
Question - As the cost accounting manager at McKinley Industries (MI), you are responsible for compiling and reporting various performance measures to the senior managers. MI instituted many efficiency improvement programs recently and the CFO has asked you to measure and report partial productivity for both labor and materials. From the accounting records, you also gather the following information for the two years:
Year 2 Year 1
Gallons input 45,900 41,200
Labor hours 50,900 39,700
Output (gallons) 25,300 21,600
Year 2 Year 1
Cost of inputs (per gallon) $ 71 $ 81
Wage rate (per hour) $ 11 $ 19
Total manufacturing overhead $ 2,830,000 $ 2,950,000
Selling price of output (per gallon) $ 373 $ 353
Required: Compute the total factor productivity measures for year 1 and year 2 based on the three inputs (material, labor, and overhead).
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