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Smith and Company manufacture one inch drills which sell for $15 per unit in the wholesale market. Last year they manufactured and sold 5000 units and incurred the following cost:
Direct materials........................$25,000Direct labor................................$17,500Indirect materials......................$9,000Manufacturing overhead... $16,000
Problem 1: It is Top management policy to maintain the present gross margin percentage. What price should the company charge for its one inch drill if sales are expected to go up to 7000units and $9600 of Manufacturing overhead is fixed.
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