Complete the Inventory (Stock) Record Card for November, using Last-In-First-Out (LIFO) on the Worksheet provided on Page 12 of your Workbook.
6. To meet consumer demand, Nicole Dance’s factory produced 2 goods in Year 1: 11,000 pieces of Product X and 10,000 units of Product Y.
It took 74,000 hours of labor to complete.
There are £165,000 in annual fixed costs.
The entire production was sold.
Below are the data for each product.
X Y Unit Contribution £20 £18
Hours of labor per unit 4 3
There will only be 56,000 labor hours available in Year 2 as a result of staff layoffs brought on by cost-cutting measures, despite the fact that customer demand won’t change.
Additionally, fixed costs will not change from Year 1 levels.
Use the Workbook’s Page 13 and any additional pages you require to complete the following questions.
(a) Determine the Contribution per Labor Hour for each product.
(b) Defend the manufacturing order in order to maximize profit.
Calculate the number of labor hours that should be devoted to each product in Year 2 in order to maximize profit.
Calculate the number of units of each product that should be produced in Year 2 in order to maximize profit.
Calculate the Contribution from each product and the overall Contribution for Year 2 (e).
(f) Determine Year 2’s maximum profit.
5. Harry Davidson buys the raw ingredients that are used to create the final goods that are then sold to clients. The following details concern the supply and acquisition of materials for November.
DATE OF BUYS/ISSUES
01 Nov purchased 500 kilograms for £10 and $25.
05 Nov. Given 200 kilograms to Job 10 on November 7, bought 750 kilograms for £10–30.
12 Nov 350 kilograms were given to Job 11.
16 Nov 440 kilograms were given to Job 12.
Utilizing Last-In-First-Out (LIFO), fill out the Inventory (Stock) Record Card for November on the worksheet found on Page 12 of your workbook.
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