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Part 1 (22marks) A company manufactures a product that it sells to the general public through its shop. The one model it produces is known as the AB1 and the following information is relevant: Selling price Material () Labour at 24 per hour Other direct production costs () Monthly output (units) AB1 445 145 3 hours 36 350 The fixed costs the business faces are 9,600 per month The management is aware that it has spare capacity and so could produce at least 100 more units in a month. Tasks 1. Define variable cost (2 marks) 2. Calculate the variable cost of producing one unit (4 marks) 3. How much profit will the company make in one month of normal production? (2 marks) 4. Define contribution (2 marks) 5. Define the break-even point (2 marks) 6. Calculate the break-even point for a normal month of production for the company (2 marks) 7. Calculate the margin of safely based on the normal output in one month (2 marks) 8. Why would management need to have at least a basic understanding of costs to help in the decision-making process? (6marks) You should use the information and your answers from Part 1 to complete the tasks set in Part 2. Part 2 (18marks) An enquiry is received from a local chain store that wants to add this product (ABI) to its range of products. It is willing to place an order for 100 of the AB1. However, it is only willing to pay 320. In addition, it wants a slight modification that will add 12 to the other direct production costs. Tasks Part 2 (18marks) An enquiry is received from a local chain store that wants to add this product (AB1) to its range of products. It is willing to place an order for 100 of the AB1. However, it is only willing to pay 320. In addition, it wants a slight modification that will add 12 to the other direct production costs. Tasks 1 9. What is the variable cost for one unit in the enquiry? (4 marks) 10. What is the contribution from each of the units in the order? (2 marks) 11. If the order is accepted, what will the profit be for one month's normal production and the contract from the chain store? (6 marks) International Diploma Management Accounting Special Order Pricing Exercise03 1 12. Advise the management on whether they should accept the order (6 marks)