Bronson Shrimps

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Bronson Shrimp Farms

1. Budgeted cost per package – Original costing system
Using the original costing system that used total direct labor hours as the indirect cost allocation base, the total projected indirect costs will be allocated by first determining the allocation rate. Since we will be producing 10,000 packages of headless shrimps at 0.01 labor hours per package, the total number of hours worked would be 10,000 x 0.01 = 100 hours. Similarly, for the 50,000 packages of peeled and deveined shrimp, 50,000 x 0.05 = 2,500 hours would be worked. Therefore a total of 100 + 2,500 = 2,600 hours would be worked to complete the production. The indirect cost allocation rate will be $ 40,125 / 2,600 or $ 15.43 per hour worked. Indirect costs are then allocated as below: | Headless Shrimp | Peeled and Deveined Shrimp | Production estimates | 10,000 packages | 50,000 packages | Labor hours | 0.01 hour/package x 10,000 = 100 hours | 0.05 hour/package x 50,000 = 2,500 hours | Indirect cost allocated | $ 15.43 x 100 = $ 1,543 | $ 15.43 x 2,500 = $ 38,582 | Indirect cost per package | $ 0.154 | $ 0.772 |

Next, we calculate the direct costs as follows: | Headless Shrimp | Peeled and Deveined Shrimp | Shrimp | $ 3.5 | $ 4.5 | Foam trays | $ 0.05 | $ 0.05 | Shrink wrap | $ 0.05 | $ 0.02 | Direct labor hours | 0.01 hour | 0.05 hour | Direct labor cost | 0.01 hour x $ 20 = $ 0.2 | 0.05 hour x $ 20 = $ 1 | Direct cost per package | $ 3.8 | $ 5.57 |

Lastly, to calculate the total cost per package, we sum the direct and indirect costs per package for both the products and get approximately $ 3.95 for headless shrimp and $ 6.34 for peeled and deveined shrimp.

2. Budgeted cost per package – Activity-based costing
For activity based costing, the first step is to calculate the budgeted cost allocation rate per activity (Hilton, 2008, p. 172) as shown…...

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