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Case study 1 Essel World Ltd manufactures four (4) products. The annual demand for the products, their selling prices and variable production costs are as follows: Products Demand (units) Selling price ($) Direct material cost per unit ($) Direct labour cost per unit ($) Variable overheads per unit ($) P Q R S 120,000 186,000 171,000 99,000 23.90 28.70 55.00 47.90 10.08 13.20 30.48 24.96 4.08 4.10 6.72 6.38 1.44 1.40 2.40 2.16 Additional information: . . . The variable overheads are absorbed on a machine hour basis at a rate of $1.20 per machine hour. Total fixed overheads amounted to $4,684,000 per annum. Production capacity available was 815,000 machine hours per annum. Products P, Q and R can purchased from an external supplier at $21.36 per unit, $24 per unit and $48 per unit respectively. Required (a) As a management accountant of Essel World Ltd, you are required to determine how many units of each product are to be produced in-house and how many of them are to be bought in from the market with a view to maximise profit. Show detailed calculations in support of your answer. (b) Prepare a profitability statement detailing the contribution from each product and the total profit which the company can generate based on your answer to requirement (a) above. . A NJIA