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Exercise 1: Dublin Accounting School teaches students how to become a good accountant. The following relates to the income and costs analysis for the school for 2016 Fees charged Senior Accounting Class - $50 per class per student Junior Accounting Class - $30 per class per student Costs Resources - $100 per senior students, $75 per junior students Teacher - $25,000 per annum (there are 2 teachers in the school. One for senior classes, one for junior class) Class Consumables (such as whiteboard markers, worksheets) - $70 per student Administrative Expenses - $30,000 per annum Finance Costs - $7,000 per annum There are 40 lessons in a school year for both senior and junior levels. Suppose there are 50 senior students and 40 junior students enrolled. Each class is made up of 8 students and school fees are not refundable. REQUIRED: The school plan for 2017 is to accept only senior students next year. The administrative expenses will drop down to $25,000 per annum. The resources per class will increase to $110 per unit because less amount of bulk buying incurred. (a) Prepare a CVP income statement using the contribution margin format in 2016. (b) How many students are needed in order to achieve breakeven. (c) How many classes need to be taught in order to achieve breakeven. (d) Suppose the business wants to achieve $25,000 profit at the end of the year, calculate the number of classes is needed to achieve this. (e) Calculate the margin of safety (in number of class). There are 50 students enrolled for next year's course. (f) Explain what is margin of safety Exercise 2: Hewlett-Packard Company produces only two products: a major computer and printers. The company uses a normal cost system and overhead costs are currently allocated using a plant-wide overhead rate based on direct labor hours. Outside cost consultants have recommended, however, that the company use activity-based costing to charge overhead to products. The company expects to produce 4,000 computer and 2,000 printers in 2015. Each computer part requires two direct labor hours to produce and each printer requires one-half hour to produce. The direct material and direct labor costs included in the two products are as follows: Item Direct Material (per unit) Direct Labor (per unit) Computer Part $ 300 $160 Printer part $170 $40 Budgeted (Estimated) Total Factory Overhead Data For 1999: Activity Production Setups Budgeted Overhead Dollars $ 80,000 Estimated Volume Level 20 setups $70,000 5,000 Ibs Packaging and Shipping $ 120,0000 6,000 boxes Total Factory Overhead $ 270,000 Material Handling Based on an analysis of the three overhead activities, it was estimated that the two products would require these activities as follows in 2015: Activity Production Setups Computer 5 setups Printer 15 setups Overall Totals 20 setups Material Handling 1,000 Ibs 4,000 Ibs 5,000 Ibs 4,000 boxes 2,000 boxes 6,000 boxes Packaging and Shipping Required: 1. Calculate the cost of each product using a plant-wide rate based on direct labor hours. 2. Calculate the activity cost rates for (a) setups, (b) material handling and (c) packaging and shipping. 3. Cost out the two products using an activity-based costing system