Answer:
Cost of goods manufactured= $87100
Explanation
Total manufacturing cost is the aggregate amount of cost incurred by a business to produce goods in a reporting period.
Generally accepted accounting principles require that the cost of goods sold shall consist of:
the cost of direct materials
the cost of direct labor
the cost of manufacturing overhead
Expenses that are outside of the manufacturing facilities, such as selling, general and administrative expenses, are not product costs. They are reported as expenses on the income statement in the accounting period in which they occur.
In this exercise:
<u>Cost of goods manufactured:</u>
Direct materials= $56,000
Direct Labor=$15,600
Factory overhead=Factory supervisor salary+ Depreciation expense+Indirect materials= 10,000 +3,700+1,800= $15,500
Total= $87100
Note: Salesperson commissions and Depreciation expense Delivery equipment are not included in factory overhead
The asset turnover is 2.4 times.
Asset turnover = Net sales \div Average total assets
Asset turnover = $3,000,000 \div [ $1,000,000 + $1,500,000 ] \div 2
Asset turnover = 2.4 times
Asset turnover is the ratio of total sales or revenue to average assets. This metric helps investors understand how effectively companies are using their assets to generate revenue. Investors use asset turnover to compare similar companies in the same industry or group.
In the retail sector, an asset turnover of 2.5 or higher may be considered good, but in the utility sector, a company is more likely to aim for an asset turnover between his 0.25 and 0.5.
Learn more about asset turnover at
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Answer:
Contribution margin per unit = $18.55
Explanation:
Contribution margin = Net sales value - Variable cost per unit.
Variable cost per unit will be same as that of average variable cost, as is completely proportional to number of units.
Variable cost is 100% avoidable for the units not produced.
Thus,
Total Variable cost per unit shall be:
Direct material = $5.50
Direct Labor = $3.95
Variable manufacturing overhead = $1.95
Sales Commission = $1.20
Variable administrative expense = $0.85
Total variable cost = $13.45
Selling price per unit = $32.00
Therefore, contribution margin per unit = $32 - $13.45 = $18.55
