Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs perunit over the relevant range of 68,000 to 108,000 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 98,000 units during the year at a selling price of $8.42 per unit. Prepare acontribution format income statement for the year.Complete this question by entering your answers in the tabs below.Required 1 Required 2Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below.Note: Round the per unit variable cost and fixed cost to 2 decimal places.Total cost:Variable costFixed costTotal costCost per unit:Variable costFixed costTotal cost per unit$$$68,000Units Produced and Sold88,000210,800380,000590,800$3.105.598.69 $272,800380,000652,800 $3.104.327.42 $108,000334,800380,000714,8003.103.526.62 Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs perunit over the relevant range of 68,000 to 108,000 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 98,000 units during the year at a selling price of $8.42 per unit. Prepare acontribution format income statement for the year.Complete this question by entering your answers in the tabs below.Required 1 Required 2Assume that the company produces and sells 98,000 units during the year at a selling price of $8.42 per unit. Prepare acontribution format income statement for the year.Note: Round your intermediate calculations to 2 decimal places.Harris CompanyContribution Format Income Statement

Cost volume profit analysis is the technique used by management for decision making. The methods…

Answered: 1. Complete the schedule of the…

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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I need answer of first three question I need answer of first three question please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Fancy Company reported a contribution margin of $10 per unit. The company’s fixed costs per period were $30,000. Sales were $48,000 for the 3,200 units sold during the period. The income tax rate is 25%. Required:a. What is current net income?b. What is the breakeven point (BEP) in units?c. If the income tax rate is increased to 30%, what is the BEP in dollars?d. If the number of units sold decreases to 3,100 units, what is the BEP in dollars?e. If the sales price is increased by $2, what is the BEP in units? Assume the variable costs, which consist of direct materials, direct labor, and variable overhead, are not changing as a result of increasing the sales price.
ALABAMA CORPORATION Goals and Objectives  Review of basic terminology  Review basic accounting and journal entries to reflect the flow of costs  Review preparation of income statement and supporting schedules for manufacturer given end-of-year information The company manufactures a single product, cleverly named Product X. The following information is available for the calendar year 2018 just completed, during which they produced and sold 200,000 units. Sales for the year was $2,400,000. During the year, the company paid a sales commission of 5 percent of sales. The corporate income tax rate was 20%. Direct materials purchases $300,000 Direct labor 140,000 Depreciation - factory equipment 45,000 Depreciation - factory building 30,000 Depreciation - headquarters building 50,000 Factory insurance 15,000 Property taxes: Factory 20,000 Headquarters 18,000 Utilities - factory 34,000 Utilities – sales 1,800 Administrative salaries 150,000 Indirect labor salaries 156,000 Sales office…
Island Novelties, Inc., of Palau makes two products-Hawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit, and annual sales volume are as follows: Selling price per unit Variable expense per unit Number of units sold annually Hawaiian Fantasy 20 9 22,000 $ $ Tahitian Joy $ $ 110 33 6,000 Fixed expenses total $664,000 per year. Required: 1. Assuming the sales mix given above, do the following: a. Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole. b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage. 2. The company has developed a new product called Samoan Delight that sells for $30 each and that has variable expenses of $24 per unit. If the company can sell 22,000 units of Samoan Delight without incurring any additional fixed expenses: a. Prepare a revised contribution format…
Please help me with Req 3B, Req 4, and Req 5. Thanks so much! :)
Required information A company sold a total of 1,000 units for total sales revenue of $70,000. The company incurred total variable expenses of $38,500 and total fixed expenses of $ 23,310. Based on this, the company reported a total contribution margin of $31,500 and net operating income of $ 8,190. Use this information to answer the following questions. Assume that all units are within the relevant range. Calculate the contribution margin ratio. Contribution margin ratio %
Take a look at the following company information: Sales (000s) Direct Materials (000s) Direct Labour (000s) Gross Profit (000s) Selling and Admin Expense (000s) Net profit $ 1566 $554 $ 211 $801 Answer: $ 162.5 $ If we decrease the direct materials cost by 2%, what is the new Net Profit? Show your answer to 2 decimals and include the correct unit.
AJ Manufacturing Company Incurred $55,500 of fixed product cost and $44,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17.650 of fixed and $14.100 of variable selling and administrative costs. The company sold all of the units it produced for $182.000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP) b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement
Complete this question by entering your answers in the tabs below. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,350,000 (per year) Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)
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Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 70,000 Less cost of goods sold ($58 per unit) 40,600 Gross margin 29,400 Less operating costs: Commissions expense ($6 per unit) $ 4,200 Salaries expense 7,900 Advertising expense 5,900 Shipping expense ($1 per unit) 700 18,700 Operating income $ 10,700 Per Unit select an income statement item $enter a dollar amount $enter a dollar amount select an opening name for section one : select an income statement item $enter a dollar amount enter a dollar amount select an income statement item…
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