FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for …
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on t…
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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 61,000 to 101,000 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 91,000 units during the year at a selling price of $9.70 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 61,000 Units Produced and Sold $ $ 176,900 470,000 646,900 81,000 Units Produced and Sold 101,000 Units Produced and Sold Required 2 > Show less A
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Transcribed Image Text: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 61,000 to 101,000 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 91,000 units during the year at a selling price of $9.70 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 61,000 Units Produced and Sold $ $ 176,900 470,000 646,900 81,000 Units Produced and Sold 101,000 Units Produced and Sold Required 2 > Show less A
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 61,000 to 101,000 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 91,000 units during the year at a selling price of $9.70 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Assume that the company produces and sells 91,000 units during the year at a selling price of $9.70 per unit. Prepare a contribution format income statement for the year. Note: Round your intermediate calculations to 2 decimal places. Required 2 Harris Company Contribution Format Income Statement < Required 1 Show less A
expand button
Transcribed Image Text: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 61,000 to 101,000 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 91,000 units during the year at a selling price of $9.70 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Assume that the company produces and sells 91,000 units during the year at a selling price of $9.70 per unit. Prepare a contribution format income statement for the year. Note: Round your intermediate calculations to 2 decimal places. Required 2 Harris Company Contribution Format Income Statement < Required 1 Show less A
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Step 1: Introduce to variable cost and fixed cost
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Step 2: Working for variable cost per unit variable cost at three levels
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Step 3: Working for fixed cost per unit
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Step 4: Working for sales revenue and variable cost at 91,000 units
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