Text of report for the F over YZ Nut Dish by Samuel Hough, derived from Gorham’s Costing Records in the Gorham Archives:
The F over YZ Nut Bowl is one of Erik Magnussen's early works for Gorham.
The costing slip (box 30) is marked "Mr. Magnussen's Sample". Dated 1 September 1926, the piece reflects one of the Dane's advantages to Gorham in that his work was easy and cheap to make. The front of the slip tells the story: the silver was "spun, turned, made and chased".
This sample, or prototype, was made in two examples. There were 7.75 troy oz. of sterling silver, that for the dish valued at $5.81 and that for the cover at $4.24. The dish was spun for an hour and a half ($2.28), then turned for an hour and three quarters ($2.01). The silver then went to a silversmith for "making", which took an hour and a half ($1.77). It was then chased for an hour and a quarter (this cost is added later).
The bowl was oxidized for ten minutes ($0.21), bobbed for forty minutes ($0.73), and finished for twenty minutes ($0.41).
Total labor costs for the bowl came to $7.41. With $5.81 for silver the sum was $13.22. Overhead of 30%, $3.97, and 25% profit, $4.36, made the total $21.49. Here was added the charge for chasing, $2.25. to make the total $23.74.
The cover was spun for an hour and a quarter ($1.90) and turned for four hours ($4.60). The prepared silver went to a silversmith who devoted two hours ($2.36) to its making, including mounting the ivory in the finial (the ivory cost $0. 10). Chasing took forty-five minutes, oxidizing was ten minutes ($0.21), bobbing took twenty minutes ($0.37), and finishing was ten minutes ($0.21).
Total labor of $9.65, when added to the $4.24 for silver and $0.10 for ivory, made a sum of $13.99. Overhead of 30%, $4.20, plus 25% profit, $4.55 and the chasing charge of $1.35 brought the total to $24.09.
The wholesale price for the covered dish was set at $60.00, retail was $100.00. By January 1927 the price had been reduced to $50 wholesale and $85 retail.
Text of report for the F over YZ Nut Dish under tray by Samuel Hough, derived from Gorham’s Costing Records in the Gorham Archives:
A separate costing slip, also dated l September 1926, exists for the F over YZ Nut Bowl "bray. The piece was "Mr. Magnussen's sample" and was "spun, turned, made and chased. Two were made.
The 11.85 troy oz. of silver, at $0.75 per ounce, was valued at $8.89. It was spun for two and a quarter hours (labor costs $1.85 direct and $1.58 indirect), then turned for two hours ($1.30 & $1.00). The trays were "made" in the M3 silversmiths' room in three and a half hours ($2.38 & $1.75). Then they were chased for an hour and a half (labor cost $2.70).
Oxidizing took ten minutes ($0.11 & $0.10); they were bobbed for an hour each ($0.63 & $0.60) and finished in twenty-five minutes ($0.26 & $0.25).
Direct labor costs (except chasing) were $6.53; indirect were $5.28. These, added to the cost of silver, came to $20.70. To this sum were added 40%, $6.21 for overhead and 20%, $6.73 for profit, bringing the sum to $33.64. Here the $2.70 for chasing was added for a total of $36.34.
Initially the trays were to be offered for $45 wholesale and $75 retail (the Company had to recover its considerable promotional expenses). But in January 1927, as yet unsold, these were reduced to $39 wholesale and $65 retail.
|
