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Ogilvy Company manufactures and sells one product The following information pertains to each of the company's first three years of operations:
Variable cost per unit:
Direct materials
$ 20
Fixed costs per year:
Direct labor
$ 832,000
Fixed manufacturing overhead
$ 826,000
Fixed selling and administrative expenses
$ 232,000
The company does not incur any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, Ogilvy produced 64,000 units and sold 64,000 units. During its second year of operations. it produced 64,000 units and sold 61,400 units. In its third year, Ogilvy produced 64,000 units and sold 66,600 units. The selling price of the company's product is $50 per unit.
Required:
Question 1. Assume the company uses super-variable costing:
1. a. Compute the unit product cost for Year 1, Year 2, and Year 3.
1.b. Prepare an income statement for Year 1, Year 2, and Year 3.
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Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
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Prepare Company financial statements
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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