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If one unit of Product Z2 used $2.80 of direct materials and $3.30 of direct labor, sold for $11.00, and was assigned overhead at the rate of 33% of direct labor costs, how much gross profit was realized from this sale

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Answer:

Gross profit= $3.811

Explanation:

Giving the following information:

Direct material= $2.80

Direct labor= $3.30

Selling price= $11

Overhead rate= 33% of direct labor costs

First, we need to calculate the unitary cost:

Unitary cost= 2.8 + 3.3 + (3.3*0.33)

Unitary cost= $7.189

Now, the gross profit:

Gross profit= selling price - unitary cost

Gross profit= 11 - 7.189

Gross profit= $3.811

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