Question
In: Accounting
arris Company manufactures and sells a single product. A partially completed schedule of the company’s total...
arris 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 above schedule of the company’s total costs and costs per unit. 2. Assume that the company produces and sells 89,000 units during the year at a selling price of $8.45 per unit. Prepare a contribution format income statement for the year.
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Expert Solution
Please provide the partially completed schedule.
I am providing you the format for a Contribution Income Statement
| Income Statement | ||||
| (A) | Revenue from sales | * PER UNIT COST* QTY SOLD | ||
| (B) | Less: Variable Costs | 0 | ALL VARIABLE EXPENSES | |
| Direct Material | DIRECT MATERIAL PER UNIT * QTY SOLD | |||
| Direct Labor | DIRECT LABOR PER UNIT * QTY SOLD | |||
| Variable Manufacturing | VAR. OH PER UNIT * QTY SOLD | |||
| C= A-B | Contribution Margin | 0 | ||
| D | Less: Fixed Costs | 0 | FIXED COSTS | |
| Rent | TO BE EXPENSES OFF IN THE PERIOD THEY INCUR | |||
| Salary (Fixed) | ||||
| Other Fixed OH | ||||
| C-D | Net Income | 0 |
For 89000 units the Revenue will be $89000X 8.45= $752050
Variable cost will be calculated in similar way by multiplying vc per unit with quantity. Fixed cost will be total fixed cost for the period. It is also known as period costs.
Please feel free to ask any questions that you have.
ekkarill92 answered 5 months agoRelated Solutions
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