[Solution] Harris Company manufactures and sells a single product.

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November 2nd, 2021

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

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Harris Company manufactures and sells a single product. A partially completed schedule of the company’s total and per unit costs over the relevant range of 58,000 to 98,000 units produced and sold annually is given below:

Complete the schedule of the company’s total and unit costs. (Round the variable cost and fixed cost to 2 decimal places.) Assume that the company produces and sells 88,000 units during the year at a selling price of $9.33 per unit. Prepare a contribution format income statement for the year.

Expert Answer

Variable cost/unit remains the same while total fixed costs remain the same irrespective of change in units.

	58000	78000	98000
Total costs:
Variable costs	$133400	(2.3*78000)=$179400	(2.3*98000)=$225400
Fixed costs	$470,000	$470,000	$470,000
Total costs	$603400	$649400	$695400
Cost per unit:
Variable cost	(133400/58000)=$2.3	$2.3	$2.3
Fixed costs	(470,000/58000)=$8.10	((470,000/78000)=$6.03	(470,000/98000)=$4.80
Total cost per unit	$10.4	$8.33	$7.1

Particulars	Amount($)
Sales(88000*$9.33)	$821040
Less:Variable costs(88000*2.3)	$202400
Contribution margin	$618640
Less:Fixed costs	$470,000
Net operating income	$148,640.

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