Business, 12.02.2021 09:50 karlagomezgarcia96

"London Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 2800 tiles; each tile sells for $13.00. The company's records show the following direct materials were requisitioned for Job #266. LOADING...(Click the icon to view additional information.) Sierra Ceramics allocates manufacturing overhead at a rate of $30 per direct labor hour. What is the gross profit per tile on Job #266?"

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Answer from: rakanmadi87

Answer is explained in the explanation section below.

Explanation:

Note: The additional information which it discussed in the question is missing and without the information, it can be solved. However, I have found similar question on the internet and will be using its data to solve this question.

Tiles Completed = 2800

Each Tile sells for = $13

Here, we are required to find the gross profit per tile on job #266.

Formula for Gross Profit = Selling price of single tile - Job cost per unit.

But here, we don't know the job cost per unit and for that, we need that additional information which is missing. So, I will using following data for the sake of understanding and concept of the problem.

Direct Materials:

Basic Terra Cotta tiles cost = $10,000

Specialty Paint = $35

High Gloss Gaze = $48

Total Direct Materials Cost = $10,000 + $35 +$48 = $10,083

Direct Labor:

Cooper cost = $450

Kline cost = $300

Total Labor Cost = $750

Manufacturing Overhead = 38 hours x $27 = $1026

Total Job Cost = $11859

Number of Tiles = 2800

So,

Job Cost per unit = Total Job Cost / Number of Units

Job Cost per unit = $11859/ 2800

Job Cost per unit = $4.23

Now, we can calculate the required gross profit per tile on Job #266.

Formula for Gross Profit per tile = Selling price of single tile - Job cost per unit.

Gross Profit per tile = $13 - $4.23

Gross Profit per tile = $8.77 per tile

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