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Monroe Corporation manufactures Part No. 67, which is used in the production of mountain bikes. Per-unit information about Part No. 67 follows.
Prevailing market price $33
Direct materials 14
Direct labor 6
Manufacturing overhead 7
Selling and administrative expenses 3
Monroe has traditionally used a 20% markup on total cost to arrive at a reasonable selling price. The company, though, has noticed a sizable drop in sales volume during the last few quarters, which it attributes to new entrants in the marketplace.
REQUIRED:
Question 1: Compute the current selling price of Part No. 67.
Question 2: If management desired to meet the prevailing market price and maintain the current rate of profit on sales, what must happen to the company's total manufacturing costs? By how much?
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