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 89,000 units during the year at a selling price of $9.10 per unit. Prepare a contribution format income statement for the year.

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 89,000 units during the year at a selling price of $9.10 per unit. Prepare a contribution format income statement for the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A-1

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 59,000 to 99,000 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 89,000 units during the year at a selling price of $9.10 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 costs
Variable costs
Fixed costs
Total costs
Cost per unit
Variable cost
Fixed cost
Total cost per unit
$
$
59,000
Units Produced and Sold
79,000
224,200
340,000
564,200
99,000

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Step 1: Meaning and difference between Variable cost and Fixed cost

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Step 2: Calculation of the variable cost per unit

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Step 3: Calculation of total costs and cost per unit

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Step 4: Calculation of Contribution at 89,000 units level of activity

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