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 30,000 to 50,000 units Is given below:Requlred: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 contributionformat Income statement for the year.Complete this question by entering your answers in the tabs below.Required 1Required 2Complete the schedule of the company's total costs and costs per unit as giiven in the relevant tab below. (Round the per unitvariable cost and fixed cost to 2 decimal places.)Units Produced and Sold30,00040,00050,000Total cost:Variable cost180,000Fixed cost300,000Total cost480,000Cost per unitVariable costFixed costTotal cost per unit< Required 1Required 2 >

Variable Cost per Unit will remain same at all level of output and Fixed Cost in Total will Remain…

Answered: Harris Company manufactures and sells a…

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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Conner's Fixtures produces and sells a single product, a specialized plumbing fixture. The business began operations on January 1 this year and its costs incurred during the year include the following: Variable costs (based on units produced): Direct materials cost Direct manufacturing labor costs Indirect manufacturing costs Administration and marketing Fixed costs: Administration and marketing costs Indirect manufacturing costs At the end of the first year (December 31), direct materials inventory consisted of 7,500 pounds of material. Production in that year was 10,000 fixtures. All prices and unit variable costs remained constant during the year. Sales revenue for year 1 was $293,250. Finished goods inventory was $24,420 on December 31. Each finished fixture requires 3.20 pounds of material. Required: L a. Compute the direct materials inventory cost, December 31. b. Compute the finished goods ending inventory in units (fixtures) on December 31. c. Compute the selling price per…
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Subject : Accounting
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