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Exercise 1-11 (Static) 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 30,000 to 50,000 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 45,000 units during the year at a selling price of $16 per unit. Prepare a contribution format income statement for the year.

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.)

30,000 Units Produced and Sold

40,000 Units Produced and Sold

50,000 Units Produced and Sold

Total costs:

Variable cost

$180,000

Fixed cost

300,000

Total cost

$480,000

Cost per unit:

Variable cost

Fixed cost

Total cost per unit

Assume that the company produces and sells 45,000 units during the year at a selling price of $16 per unit. Prepare a contribution format income statement for the year.

Harris Company

Contribution Format Income Statemen

Exercise 1-15 (Static) Traditional and Contribution Format Income Statements [LO1-6]

The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:

Amount

Sales

$ 150,000

Selling price per pair of skis

$ 750

Variable selling expense per pair of skis

$ 50

Variable administrative expense per pair of skis

$ 10

Total fixed selling expense

$ 20,000

Total fixed administrative expense

$ 20,000

Beginning merchandise inventory

$ 30,000

Ending merchandise inventory

$ 40,000

Merchandise purchases

$ 100,000

Required:

1. Prepare a traditional income statement for the quarter ended March 31.

2. Prepare a contribution format income statement for the quarter ended March 31.

3. What was the contribution margin per unit?

Prepare a traditional income statement for the quarter ended March 31.

The Alpine House, Incorporated

Traditional Income Statement

Selling and administrative expenses:

0

Prepare a contribution format income statement for the quarter ended March 31.

The Alpine House, Incorporated

Contribution Format Income Statement

Variable expenses:

0

Fixed expenses

0

Complete this question by entering your answers in the tabs below.

What was the contribution margin per unit?

Contribution margin per unit

Exercise 1-6 (Static) Traditional and Contribution Format Income Statements [LO1-6]

Cherokee Incorporated is a merchandiser that provided the following information:

Amount

Number of units sold

20,000

Selling price per unit

$ 30

Variable selling expense per unit

$ 4

Variable administrative expense per unit

$ 2

Total fixed selling expense

$ 40,000

Total fixed administrative expense

$ 30,000

Beginning merchandise inventory

$ 24,000

Ending merchandise inventory

$ 44,000

Merchandise purchases

$ 180,000

Required:

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

Prepare a traditional income statement

Prepare a traditional income statement

Cherokee, Incorporated

Traditional Income Statemen

Selling and administrative expenses:

0

Prepare a contribution format income statement

Cherokee, Incorporated

Contribution Format Income Statement

Variable expenses:

0

Fixed expenses

0

Exercise 1-16 (Static) Cost Classifications for Decision Making [LO1-5]

Warner Corporation purchased a machine 7 years ago for $319,000 when it launched product P50. Unfortunately, this machine has broken down and cannot be repaired. The machine could be replaced by a new model 300 machine costing $313,000 or by a new model 200 machine costing $275,000. Management has decided to buy the model 200 machine. It has less capacity than the model 300 machine, but its capacity is sufficient to continue making product P50. Management also considered, but rejected, the alternative of dropping product P50 and not replacing the old machine. If that were done, the $275,000 invested in the new machine could instead have been invested in a project that would have returned a total of $374,000.

Required:

1. What is the total differential cost regarding the decision to buy the model 200 machine rather than the model 300 machine?

2. What is the total sunk cost regarding the decision to buy the model 200 machine rather than the model 300 machine?

3. What is the total opportunity cost regarding the decision to invest in the model 200 machine?

1. Differential cost

2. Sunk cost

3. Opportunity cost