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Question - IKS is a small company manufacturing and selling a single product. After its very first year of operation, it is costing 3,500 units. Of these, 3,000 units have been sold. The selling price per unit is $10. Details of the costs incurred are as follows:
Unit variable costs:
Raw materials: $2.50
Direct labour: $1.30
Manufacturing overhead: $0.80
Selling and administrative expenses: $2.25
Total fixed costs:
Manufacturing overhead: $35,000
Selling and administrative expenses: $95,000
Required - What is the unit cost of the product using the full cost method?
a) 4.6
b) 14.6
c) 16.85
d) 16.27
e) No answer is appropriate
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