Questions
Harris Company manufactures and sells a single product. A partially completed schedule of the company’s total...

Harris 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 66,000 to 106,000 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 96,000 units during the year at a selling price of $8.55 per unit. Prepare a contribution format income statement for the year.

Required: Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.)

Units Produced and Sold
66,000. 86,000.   106,000.  
Total costs: ----- ----- -----
Variable costs $191,400 ?? ??
Fixed costs 400,000 ?? ??
Total costs $591,400 $0 $0
Cost per unit: ----- ------ -----
Variable cost ?? ?? ??
Fixed cost ?? ?? ??
Total cost per unit   $0.00 $0.00 $0.00
Harris Company
Contribution Format Income Statement
Sales ?
Variable Expenses ?
Contribution Margin ?
Fixed Expense     ?
Net Operating Income     ?

In: Accounting

Below is an example of supply and demand for healthcare services in the U.S. 1) If...

Below is an example of supply and demand for healthcare services in the U.S.

1) If patient copays average to 20%, and their Insurance pays the other 80% of the cost of their visit, what quantity will be exchanged in this market? Remember, the assumption here is that the consumers' willingness to pay is based on their out-of-pocket cost, rather than the total cost of a visit.

2) What is the total amount spent on Healthcare when patients only pay 20% of the total cost.

3) Healthcare costs continue to rise faster than GDP, taking up an increasing share of total U.S. expenditures. What is one way that we might reduce total healthcare expenditures? Use the values on the table (estimates are totally fine) to illustrate how your proposal would reduce the total cost of healthcare.

Average cost per visit Demand for office visits (Millions/yr) Supply of office visits(Millions/yr)
$323 988 118
$647 928 208
$970 868 298
$1293 808 388
$1616 748 478
$1940 688 568
$2263 628 658
$2586 568 748
$2909 508 838
$3233 448 928

In: Economics

A cost estimator for a construction company has collected the data found in the source file...

A cost estimator for a construction company has collected the data found in the source file Estimation.xlsx describing the total cost (Y) of 97 difference projects and the following 3 independent variables thought to exert relevant influence on the total cost: total units of work required (X1), contracted units of work per day (X2), and city/location of work (X3). The cost estimator would like to develop a regression model to predict the total cost of a project as a function of these 3 independent variables.

b. Suppose the estimator wants to use the total units of work required (X1), contracted units of work per day (X2), and city/location of work (X3) as the independent variables to predict total cost. What should be the regression function between Y and X1, X2, and X3? What is the adjusted R-squared value of this model? What conclusions can you make? (Note that X3 is a dummy variable. You should process it into different categories as I showed you in the class lecture. You should expand X3 into Location1, Location 2, …. Location 5 to differentiate the six locations.)

In: Statistics and Probability

Traditional Product Costing versus Activity-Based Costing Assume that Panasonic Company has determined its estimated total manufacturing...

Traditional Product Costing versus Activity-Based Costing
Assume that Panasonic Company has determined its estimated total manufacturing overhead cost for one of its plants to be $636,400 consisting of the following activity cost pools for the current month:

Activity Centers Activity Costs Cost Drivers Activity Level
Assembly setups $ 132,000 Setup hours 2,000
Materials handing 64,800 Number of moves 600
Assembly 360,000 Assembly hours 18,000
Maintenance 79,600 Maintenance hours 1,990
Total $636,400

Total direct labor hours used during the month were 14,800. Panasonic produces many different electronic products, including the following two products produced during the current month:

Model X301 Model Z205
Units produced 2,000 2,000
Direct materials costs $27,000 $27,000
Direct labor costs $22,000 $22,000
Direct labor hours 700 700
Setup hours 60 120
Materials moves 30 60
Assembly hours 900 900
Maintenance hours 20 80

Required
a. Calculate the total per-unit cost of each model using direct labor hours to assign manufacturing overhead to products.
Round answers for unit cost to two decimal places, if applicable.

X301 Z205
Direct materials Answer Answer
Direct labor Answer Answer
Overhead Answer Answer
Total cost Answer Answer
Units Answer Answer
Unit cost Answer Answer


b. Calculate the total per-unit cost of each model using activity-based costing to assign manufacturing overhead to products.
Round answers for unit cost to two decimal places, if applicable.

X301 Z205
Total direct materials costs Answer Answer
Total direct labor costs Answer Answer
Overhead costs:
Assembly setup Answer Answer
Materials handling Answer Answer
Assembly Answer Answer
Maintenance Answer Answer
Total costs Answer Answer
Units produced Answer Answer
Unit cost Answer Answer

Traditional Product Costing versus Activity-Based Costing
Assume that Panasonic Company has determined its estimated total manufacturing overhead cost for one of its plants to be $636,400 consisting of the following activity cost pools for the current month:

Activity Centers Activity Costs Cost Drivers Activity Level
Assembly setups $ 132,000 Setup hours 2,000
Materials handing 64,800 Number of moves 600
Assembly 360,000 Assembly hours 18,000
Maintenance 79,600 Maintenance hours 1,990
Total $636,400

Total direct labor hours used during the month were 14,800. Panasonic produces many different electronic products, including the following two products produced during the current month:

Model X301 Model Z205
Units produced 2,000 2,000
Direct materials costs $27,000 $27,000
Direct labor costs $22,000 $22,000
Direct labor hours 700 700
Setup hours 60 120
Materials moves 30 60
Assembly hours 900 900
Maintenance hours 20 80

Required
a. Calculate the total per-unit cost of each model using direct labor hours to assign manufacturing overhead to products.
Round answers for unit cost to two decimal places, if applicable.

X301 Z205
Direct materials Answer Answer
Direct labor Answer Answer
Overhead Answer Answer
Total cost Answer Answer
Units Answer Answer
Unit cost Answer Answer


b. Calculate the total per-unit cost of each model using activity-based costing to assign manufacturing overhead to products.
Round answers for unit cost to two decimal places, if applicable.

X301 Z205
Total direct materials costs Answer Answer
Total direct labor costs Answer Answer
Overhead costs:
Assembly setup Answer Answer
Materials handling Answer Answer
Assembly Answer Answer
Maintenance Answer Answer
Total costs Answer Answer
Units produced Answer Answer
Unit cost Answer Answer


In: Accounting

Since the end of the Great Recession, interest rates have been at historic lows—in some cases,...

Since the end of the Great Recession, interest rates have been at historic lows—in some cases, close to zero. How is expansionary monetary policy, or more specifically a open market purchase, supposed to work? How do near-zero interest rates limit the ability of expansionary monetary policy to work?

In: Economics

Dodd Frank has become an important issue of public debate and there are new developments in...

Dodd Frank has become an important issue of public debate and there are new developments in the House of Representatives that could result in legislative challenges to Dodd Frank in the near future.

Outline some at least one criticism of Dodd Frank. Try to be as specific as you can. And if you have an opinion on the issue please express it.

In: Economics

38. In the first edition of An Essay on Population, Malthus based his description of the...

38. In the first edition of An Essay on Population, Malthus based his description of the potential growth of the population on data (however tenuous) from ________.

a. New England

b. the region near the University where he taught in England

c. the parts of Africa he visited as an employee of the Royal African Company

d. China

In: Economics

Ethico-Legal Considerations in the Care of Older Adults 1. What is the republic act of senior...

Ethico-Legal Considerations in the Care of Older Adults

1. What is the republic act of senior citizen in the Philippines? Explain in detailed.

2. What are the rights of senior citizen in the Philippines set-up?

3. How can you help the older adult to alleviate depression?

4. What are the signs that death is near?

In: Nursing

5. Explain why Marginal Cost will initially decline and then increases as the number of products...

5. Explain why Marginal Cost will initially decline and then increases as the number of products produced increases.

6. Explain why Average Total Cost will initially decline and then increases as the number of products produced increases.

7. Explain why Average Fixed Cost only declines as the number of products increases.

8. Explain how Long-Run Average Total Cost is determined

9. Provide reasons why Long-Run Average Total Cost would decline, stay constant, and increase.

10. Give at least 2 reason why a firm would achieve Economy to Scale.

In: Economics

x mobile company sells car batteries to service stations for an average of $85 each.the variable...

x mobile company sells car batteries to service stations for an average of $85 each.the variable cost ofeach battery is $48 and monthly fixed selling cost total $6000. other monthly fixed costs of the company total $7000.

what is breakeven point in batteries?

what is the margin of safety assuming sales total $32000?

what is break even level in batteries assuming variable cost increase 20%?

what is breaking level in batteries assuming the selling price goes up by 10 % fixed selling cost declined by 10 % other fixed cost declined by $1000?

In: Accounting