Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 1-11 (Algo) Cost Behavior; Contribution Format Income Statement [LO1-4, LO1-6] Harris Company manufactures and sells a single product. A partially completed schedule of the

image text in transcribedimage text in transcribedimage text in transcribed Exercise 1-11 (Algo) Cost Behavior; Contribution Format Income Statement [LO1-4, LO1-6] 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 that the company produces and sells 88,000 units during the year at a selling price of $10.00 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 u variable cost and fixed cost to 2 decimal places.) Units Produced and Sold 58,000 78,000 98,000 Total costs: Variable costs $ 179,800 Fixed costs 460,000 Total costs $ 639,800 $ 0 $ 0 Cost per unit 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 variable cost and fixed cost to 2 decimal places.) Units Produced and Sold 58,000 78,000 98,000 Total costs: Variable costs $ 179,800 Fixed costs 460,000 Total costs $ 639,800 $ 0 $ 0 Cost per unit: Variable cost Fixed cost Total cost per unit $ 0.00 $ 0.00 $ 0.00 Required 2 > Complete this question by entering your answers in the tabs below. Check my wor Required 1 Required 2 Assume that the company produces and sells 88,000 units during the year at a selling price of $10.00 per unit. Prepare a contribution format income statement for the year. Harris Company Contribution Format Income Statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson

10th edition

978-1285441979, 1285441974, 978-1133626992, 1133626998, 978-1133940593

More Books

Students also viewed these Accounting questions

Question

explain how organizations can promote a positive safety climate.

Answered: 1 week ago