FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 58,000 to 98,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume the company produces and sells 88,000 units during the year at a selling price of $9.74 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. Note: Round the per unit variable cost and fixed cost to 2 decimal places. Units Produced and Sold 58,000 78,000 98,000 Total cost: Variable cost $ 179,800 Fixed cost 440,000 Total cost $ 619,800 Cost per unit: Variable cost Fixed cost Total cost nor unitarrow_forwardHarris Company manufactures and sells a single product. A partially completed schedule of the company’s total costs and costs per unit over the relevant range of 56,000 to 96,000 units is given below: Required: 1. Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. 56,000 units produced and sold 76,000 units produced and sold 96,000 units produced and sold Total Cost variable cost $151,200 Fixed Cost 350,000 Total Cost $501,200 Cost per unit variable cost fixed cost Total Cost Per Unit 2. Assume that the company produces and sells 86,000 units during the year at a selling price of $8.31 per unit. Prepare a contribution format income statement for the year.arrow_forwardHarris Company manufactures and sells a single product. A partially completed schedule of the company’s total costs and costs per unit over the relevant range of 68,000 to 108,000 units is given below: Required: 1. Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 98,000 units during the year at a selling price of $9.34 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) 68,000 Units Produced and Sold 88,000 Units Produced and Sold 108,000 Units Produced and Sold Total cost: Variable cost $204,000 Fixed cost 470,000 Total cost $674,000…arrow_forward
- Betty DeRose, Inc. manufactures and sells a single product. Information related to the cost of producing this product for the past six months is provided below: Units Produced 5,360 4,840 7,580 4,930 6,110 7,620 Month June July August September October November Total Cost Incurred $126,017 $118,831 $155,833 $119,246 $136,932 $157, 195 Betty DeRose, Inc. expects to produce 6,495 units of this product during December. Using the high-low method, calculate Betty DeRose, Inc's expected total cost incurred for December.arrow_forward! Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. During its first year of operations, O'Brien produced 98,000 units and sold 74,000 units. During its second year of operations, it produced 80,000 units and sold 99,000 units. In its third year, O'Brien produced 90,000 units and sold 85,000 units. The selling price of the company's product is $78 per unit. Req 4A 4. Assume the company uses absorption costing and a LIFO inventory flow assumption (LIFO…arrow_forwardHarris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 55,000 to 95,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 85,000 units during the year at a selling price of $8.67 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ 55,000 Units Produced and Sold 75,000 187,000 320,000 507,000 95,000arrow_forward
- am.103.arrow_forwardHarris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 55,000 to 95,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 85,000 units during the year at a selling price of $8.90 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit 55,000 Units Produced and Sold $ $ $ 75,000 Units Produced and Sold 192,500 330,000 522,500 $ 0.00 $ 95,000 Units Produced and Sold…arrow_forwardHarris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 53,000 to 93,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 83,000 units during the year at a selling price of $9.29 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost por unit: Required 2 Variable cost Fixed cost Total cost per unit 53,000 Units Produced and Sold $ S $ Required 1 Required 2 73,000 Units Produced and Sold 185,500 350,000…arrow_forward
- Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $ 50,000 Variable expenses 27,500 Contribution margin 22,500 Fixed expenses 14,850 Net operating income $ 7,650 Required: 1. What is the contribution margin per unit? (Round your answer to 2 decimal places.)arrow_forwardDirections Below is information for Blue Company. Using this information, answer the following questions on the "Calculation" tab in the file. Show your work (how you got your answer) and format appropriately. Blue company has prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 to 1,500 units): Sales $ 20,000 Variable expenses 12,000 Contribution margin 8,000 NOTE: Use the amounts in the original fact pattern to the left as your basis for the questions below. Fixed expenses 6,000 Net operating income $ 2,000 Questions:…arrow_forward
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