Exercise 11-10A (Algo) Fixed versus variable cost behavior LO 11-1, 11-2Solomon Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $95,000 perconcert.Requireda. What are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000?b. Is the cost of hiring the band a fixed or a variable cost?Complete this question by entering your answers in the tabs below.Required ARequired B*..... ............ ......................... .Is the cost of hiring the band a fixed or a variable cost?............ ..........R.. .... .... ... ..... ..... ....Since the cost of hiring a band remains atregardless of the number attending, it is a< Required ARequired B< Prev2 of 3Next > 2 Homework iSavedExercise 11-10A (Algo) Fixed versus variable cost behavior LO 11-1, 11-2Solomon Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $95,000 perconcert.Requireda. What are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000?b. Is the cost of hiring the band a fixed or a variable cost?Complete this question by entering your answers in the tabs below.Required ARequired BWhat are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000? (Round"Cost per person" answers to 2 decimal places.)Number attending3,0003,5004,0004,5005,000Total cost of concertCost per person< Required ARequired B>

Exercise 11-1OA (Algo) Fixed versus variable cost behavior LO 11-1, 11-2 Solomon Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $95,000 per concert. Required a. What are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000? b. Is the cost of hiring the band a fixed or a variable cost? Complete this question by entering your answers in the tabs below. Required A Required B What are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000? (Round "Cost per person" answers to 2 decimal places.) Number attending 3,000 3,500 4,000 4,500 5,000 Total cost of concert Cost per person < Required A Required B <>

Exercise 11-1OA (Algo) Fixed versus variable cost behavior LO 11-1, 11-2 Solomon Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $95,000 per concert. Required a. What are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000? b. Is the cost of hiring the band a fixed or a variable cost? Complete this question by entering your answers in the tabs below. Required A Required B What are the total band cost and the cost per person if concert attendance is 3,000, 3,500, 4,000, 4,500, or 5,000? (Round "Cost per person" answers to 2 decimal places.) Number attending 3,000 3,500 4,000 4,500 5,000 Total cost of concert Cost per person < Required A Required B <>

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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The question 1 point possible Stancil Dry Cleaners has determined the following about its costs: Total variable expenses are $42,000, total fixed expenses are $30,000, and the sales revenue needed to break even is $50,000. Determine the company's current) revenue and 2) operating income. (Hint First, find the contribution margin ratio; then prepare the contribution margin income statement) Use the contribution margin income statement and the shortcut contribution margin approaches to determine Stancif's current (1) sales revenue and (2) operating income Begin by computing the contribution margin ratio. (inter the result as a whole number) The contribution margin ratio la Question Viewer Prepare the contribution margin income statement at the calculated sales level. Stancil Drycleaners Contribution Margin Income Statement Submit t
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Calculati.ng break even sales and sales to earn a target profit; preparing a contribution margin income statement England Productions performs London shows. The average show sells 1 300 tickets at $60 per ticket. There are 175 shows per year. No additional shows can be held as the theater is also used by other production companies. The average Show has a cast of 65, each earning a net average of $340 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $8 per guest. Annual fixed costs total $728,000. Requirements Compute revenue and variable costs for each show. Use the equation approach to compute the number of shows England Productions must perform each year to break even. Use the contribution margin ratio approach to compute the number of Shows needed each year to earn a profit of $5,687,500. Is this profit goal realistic? Give your reasoning. Prepare England Productions’s contribution margin income statement for 175 shows performed in…
QUESTION 8 Grass is Greener, Inc., plans to charge its customers by the hour and to work 350 hours at $16 per hour. It expects its variable costs to be $6 per hour and fixed costs to be $600. Calculate the number of hours needed to earn $1,800 in operating income? (Round to the nearest hour)
ces Exercise 2-17 (Algo) Break-Even and Target Profit Analysis [LO2-4, LO2-5, LO2-6] Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $120 per unit. Variable expenses are $84 per stove, and fixed expenses associated with the stove total $162,000 per month. Required: 1. What is the break-even point in unit sales and in dollar sales? 2. If the variable expenses per stove increase as a percentage of the selling price, will it result in a higher or a lower break-even point? (Assume that the fixed expenses remain unchanged.) 3. At present, the company is selling 15,000 stoves per month. The sales manager is convinced that a 10% reduction in the selling price would result in a 25% increase in monthly sales of stoves. Prepare two contribution format income statements, one under present operating conditions, and one as operations would appear after the proposed changes. 4. Refer to the data in Required 3. How many stoves would have…
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Original DVD player sales and cost data for ABC Video:Unit Selling Price: Php 500Unit variable cost: Php 300Total fixed cost: Php 200,000Break-even sales: Php 500,000 0r 1,000 units
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