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Question - Brayton Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 units of cellular phones are as follows:
Variable Costs:
Fixed Costs:
Direct materials
$625,000
Factory overhead
$215,000
Direct labor
225,000
Selling & Admin. expenses
75,000
Factory Overhead
200,000
Selling & admin. Exp.
150,000
$1,200,000
Brayton desires a profit equal to a 25% rate of return on invested assets of $500,000.
Required:
a) Determine the amount of desired profit.
b) Determine the product cost per unit for the production of 5,000 phones.
c) Determine the total cost markup percentage (e.g. 20%) using the product cost concept.
d) Determine the selling price of each cellular phone. Round to nearest dollar.
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