19 Feb Cost Classification: The Lee’s have provided you w
Cost Classification: The Lee’s have provided you with the following costs and relevant information that are assumed for year 20XYA Classify each of the costs (a through j) below under C as a variable cost or a fixed costB Explain the importance of distinguishing between variable and fixed costsC Prepare the budgeted income statement, assuming 600 units to be produced and sold, a per unit selling price of $85, an income tax rate of 28% and the following informationCost of goods sold of $35 per unitLabor = $400/monthOne part-time employee will be hired to take care of packaging and shipping This employee will be paid $10 per hour He or she is estimated to work 40 hours total per monthAdvertising fees = $3,000Bank fees = $200Phone/internet = $150 per monthShipping = $3 per unitUtilities = $100 per monthOffice Supplies = $900Conference Exhibitor Fee = $3000Travel Expenses for Conference (eg airfare, meals, taxi) = $1200Break-Even Analysis: You have been asked to calculate how many units need to be sold to break even, based on the costs provided in task #3 Assume that only one conference will be attended and the estimated expenses associated with this conference are on target Use the information in task #3 except do not consider taxes)Contribution Margin: Based on the Break-Even Analysis just performed, what is the contribution margin per unit and the total contribution margin?
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