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A company has identified the following overhead costs and cost drivers for the coming year:...

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Accounting

A company has identified the following overhead costs and cost drivers for the coming year:

Overhead Item Cost Driver Budgeted Cost (PHP) Budgeted Activity Level

Machine set-up No. of set-ups 20,000 200

Inspection No. of inspections 130,000 6,500

Materials handling No. or material moves 80,000 8,000

Engineering Engineering hours 50,000 1.000

The following information was collected from the two products that were bring produced:

Ching Chong

Direct Materials PHP 12,000 PHP 8,000

Direct Labor PHP 2,000 PHP 4,000

Units completed 50 200

No. of set-ups 2 4

No. of inspections 10 30

No. of material moves 10 50

Engineering hours 50 10

Required:

1. Overhead cost allocated to Ching and Chong

2. Cost per unit of Ching and Chong

3. Selling price per unit of Ching and Chong, assuming a mark-up of 40% of cost.

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