Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Harris Company manufactures and sells a single product. A partially completed schedule of the companys total costs and costs per unit over the relevant range

Harris Company manufactures and sells a single product. A partially completed schedule of the companys 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 companys total costs and costs per unit as given in the relevant tab below.

2. Assume that the company produces and sells 86,000 units during the year at a selling price of $8.64 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 companys 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.)

56,000 Units Produced and Sold 76,000 Units Produced and Sold 96,000 Units Produced and Sold
Total cost:
Variable cost $162,400
Fixed cost 360,000
Total cost $522,400 $0 $0
Cost per unit:
Variable cost 2.90 2.90 2.90
Fixed cost
Total cost per unit $2.90 $2.90 $2.90
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 Accounting

Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac

14th edition

1305088433, 978-1305088436

More Books

Students also viewed these Accounting questions