Please help, last question was not answered right. Using the product cost concept, determine the selling...
Please help, last question was not answered right.
Using the product cost concept, determine the selling price for 30,000 units using the following data: product cost per unit, $15.00; total period costs, $90,000; and desired profit, $150,000. Round the markup percentage to one decimal place and markup to nearest dollar.
Total Product Costs = $Choose...23.0015.007.008.0010.00 x Choose...25,00020,00030,000 = $Choose...150,000120,000450,00090,000250,000
Markup Percentage = (Desired Profit + Total Period Costs) / Total Product Costs
= ($Choose...150,000120,000450,00090,000250,000 + $Choose...150,000120,000450,00090,000250,000 ) / $Choose...150,000120,000450,00090,000250,000
= Choose...53.3%42.0%20.0%33.3%
Mark up = $Choose...23.0015.007.008.0010.00 x Choose...53.3%42.0%20.0%33.3% = $Choose...23.0015.007.008.0010.00
Selling Price = $Choose...23.0015.007.008.0010.00 + $Choose...23.0015.007.008.0010.00 = $Choose...23.0015.007.008.0010.00
Homework Answers
Total Product Costs = 30,000 x 15
= $450,000
Markup Percentage = (Desired Profit + Total Period Costs) / Total Product Costs
= (150,000 + 90,000)/450,000
= 240,000/450,000
= 53.3%
Mark up = 450,000 x 53.3%
= $239,850
Mark up for 1 unit = 239,850/30,000
= $8
Selling price per unit = Product cost + Mark up
= 15 + 8
= $23
Kindly comment if you need further assistance. Thanks
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