EXERCISE 1-11 Cost Behavior; Contribution Format Income Statement LO1-4, L01-6 Harris Company manufactures and sells a single product. A partially completed schedule of the com- pany's total costs and costs per unit over the relevant range of 30,000 to 50,000 units is given below: Total costs: Variable cost. Fixed cost Total cost.. Costs per unit: Variable cost.. Fixed cost Total cost per unit. Units Produced and Sold 40,000 30,000 $180,000 300,000 $480,000 ? ? ? ? ? ? ? ? 50,000 ? ? ? ? Required: 1. Complete the above schedule of the company's total costs and costs per unit. 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.

EXERCISE 1-11 Cost Behavior; Contribution Format Income Statement LO1-4, L01-6 Harris Company manufactures and sells a single product. A partially completed schedule of the com- pany's total costs and costs per unit over the relevant range of 30,000 to 50,000 units is given below: Total costs: Variable cost. Fixed cost Total cost.. Costs per unit: Variable cost.. Fixed cost Total cost per unit. Units Produced and Sold 40,000 30,000 $180,000 300,000 $480,000 ? ? ? ? ? ? ? ? 50,000 ? ? ? ? Required: 1. Complete the above schedule of the company's total costs and costs per unit. 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.

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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