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Illustration 2 -No opening and closing stock A company plans to produce and sell 50,000...

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Accounting

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Illustration 2 -No opening and closing stock A company plans to produce and sell 50,000 units of its regular product during the coming month at GHS 12 per unit. A unit of the product required 5kg of material valued at GHS 0.5 per kg and 3 hours of direct labor paid at GHS 0.75 per hour. Selling and distribution cost is budgeted at GHS 50,000 variable and GHS 60,000 fixed. Fixed production overhead is budgeted at GHS 80,000 and GHS 40,000 for administration Required: a. Calculate the product cost per unit under; i. Absorption Costing; ii. Marginal Costing b. Prepare the budgeted profit statement for the coming month under the following costing basis: i. Absorption Costing; ii. Marginal Costing

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