Product Cost Concept of Product Costing MyPhone Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,310 cellular phones are as follows: Variable costs:       Fixed costs:     Direct materials $67 per unit     Factory overhead $198,000   Direct labor 36       Selling and administrative expenses 68,600   Factory overhead 22           Selling and administrative expenses 23             Total $148 per unit       MyPhone wants a profit equal to a 15% rate of return on invested assets of $602,000. a.  Determine the amount of desired profit from the production and sale of 5,310 cellular phones. $fill in the blank 1 b.  Determine the product cost and the cost amount per unit for the production of 5,310 cellular phones. If required, round your answer to nearest dollar. $fill in the blank 2 per unit c.  Determine the product cost markup percentage (rounded to two decimal places) for cellular phones. fill in the blank 3 % d.  Determine the selling price of cellular phones. Round to the nearest dollar. Cost $fill in the blank 4 per unit Markup fill in the blank 5   Selling price $fill in the blank 6 per unit

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.