Reference no: EM131265094
London Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 2,500 tiles; each tile sells for $12.00. The company's records show the following direct materials were requisitioned for Job #266. Sierra Ceramics allocates manufacturing overhead at a rate of $27 per direct labor hour. Variable selling expenses are $100 and total fixed selling expenses are $1,100.
Basic terra cotta tiles: 2,500 units at $4.00 per unit
Specialty paint: 5 quarts at $7.00 per quart
High gloss glaze: 4 quarts at $12.00 per quart
Labor time records show the following employees worked on Job #266:
Alice Cooper: 18 hours at $24 per hour
Matthew Kline: 20 hours at $13 per hour
a) What is the gross profit per tile on Job #266?
b) What is the contribution margin on Job #266?
c) If a contribution margin income statement is prepared for the year, what is the operating income on Job #266?
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