Question
Harvest, Inc. has collected the following data for November (there are no beginning inventories): Units produced and sold 700 units Sales price $325 per unit
Harvest, Inc. has collected the following data for November (there are no beginning inventories):
Units produced and sold | 700 units | |
Sales price | $325 | per unit |
Direct materials | 42 | per unit |
Direct labor | 64 | per unit |
Variable manufacturing overhead | 24 | per unit |
Fixed manufacturing overhead | 10,850 | per month |
Variable selling and administrative costs | 10 | per unit |
Fixed selling and administrative costs | 4,750 | per month |
Requirement 1. Using absorption costing, calculate the unit product cost. (Round your final answer to the nearest cent.
| Absorption |
| costing |
Unit product cost |
|
Requirement 2. Prepare an income statement using the traditional format.
Harvest, Inc. | |||
Income Statement (Absorption Costing) | |||
For the Month Ended November 30 | |||
|
| ||
|
| ||
|
| ||
|
| ||
Operating Income |
|
and,
Michael Street Barber Shop pays $ 5 per month for water for the first 15,000 gallons and $2.75 per thousand gallons above 15,000gallons. Calculate the total water cost when the barber shop uses 14,000 gallons, 18,000 gallons, and 20,000 gallons. (Do not round interim calculations. Round your final answers to the nearest cent.)
Usage | Total Water Cost |
14,000 gallons |
|
18,000 gallons |
|
20,000 gallons |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started