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Target gross profit percentage Total cost of production percentage Total sales Total cost of production percentage Target cost of production Total Cost of Production = Cost of Procedure 1(P1)+ Cost of Procedure 2 (P2) Total cost of Procedure 1 is twice that of Procedure 2: P1=2(P2) Substitute for P1 in the formula: =2(P2)+P2=3(P2)=P2P1=2(P2)=(2)= Cost makeup of Procedure 1: Labor Materials Overhead Total Cost makeup of Procedure 2: Labor Materials Overhead Total Labor cost of Procedure 1 Labor cost = Percentage of P1, so P1 total cost = Procedure 1 cost twice as much as Procedure 2, so P2 total cost = Cost makeup of Procedure 1: Labor Materials Overhead Tota! \begin{tabular}{|c|} \hline Amount \\ \hline \\ \hline \\ \hline \end{tabular} Cost makeup of Procedure 2: Labor Materials Overhead Total 3. Current total cost of production (P1+P2) Less target total cost of production P1 materials cost savings needed Current P1 overhead materiais cost (70\% of total overhead) Less P1 overhead materials cost savings needed Maximum new cost of P1 overhead materials Pr. 28(14)2B