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Summit Corporation manufactures machines for the apparel industry. The production manager and cost analyst reviewed...

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Accounting

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Summit Corporation manufactures machines for the apparel industry. The production manager and cost analyst reviewed the accounts for the previous quarter and have provided an estimated breakdown of the fixed and variable portions of manufacturing overhead. Direct materiats for the quarter omounted to $357,500. Direct labor for the quarter was $718,500, During the quarter, 9,500 units were produced Required: a. No changes are expected in these cost relations next quarter. The firm has budgeted production of 12,350 units. Provide an estimate for total production cost for next quarter. b. Determine the cost per unit of production for the previous quarter and the estimated cost per unit next quarter. No changes are expected in these cost relations next quarter. The firm has budgeted production of 12,350 units, Provide an estimate for total production cost for next quarter. Note: Do not round intermediate calculations. Complete this questios by entering your answers in the tabs below. Determine the cost per unit of production for the previous quarter and the estimated cost per unit next quarter. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places

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