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process required Mon Section B.(20 points) Q2a. During the production period...

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Accounting

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Mon Section B.(20 points) Q2a. During the production period of June-September 2021, Meta Gadgets Ltd. sold 500 Copper Circuit Boards for $300 each. Costs included material of $110 per unit, direct labor of $50 per unit. Overhead recovery rate is 120% of Direct Labour cost. For October-December 2021 period, material cost is expected to decrease by 5 percent per unit and direct labor costs is expected to increase by 15 percent per unit. Overhead recovery rate will be 130% of Direct Labour Cost. The forecast of sales volume is 500 units. Required: Prepare a statement to show the Operating Profit for each the two quarters and show combined income statement for June-December period. (10) Q2b. Discuss the concept of Economies of Scale by showing the relationship between Quantity of Output and Average Cost per unit

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