(Answered) Accounting: Absorption Income Statement

"Below find production and sales information for Herrestad Company. We will use this same company for all the SLPs in this course.;Product information;Beginning inventory;0;Units produced;10,000;quot, valign=""bottom"">;Units sold;8,000;Selling price per unit;$300;Variable costs per unit;Direct material;120;Direct labor;60;Variable overhead;40;Variable selling and administrative;10;Fixed costs;Fixed manufacturing overhead;250,000;Fixed selling and administrative;100,000;Herrestad Company;Absorption Income Statement;For the period ending Dec. 31, 2011;Sales;$2,400,000;Cost of goods sold;1,960,000;Gross profit (margin);$440,000;Selling and administrative expenses;180,000;Net income;$260,000;Prepare a contribution margin (behavioral, variable) income statement for Herrestad Company. Prepare a second version assuming the selling price per unit increases to $320 per unit.;Use the original information to;Determine the number of units the company must sell to break even for the year?;Compute break even assuming direct materials cost increase from $120 to $140, but all information remains the same."
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Accounting: Absorption Income Statement

 


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