Harris Corporation Produces a Single Product

question 55

Multiple Choice

Harris Corporation produces a single product.Last year, Harris manufactured 17, 000 units and sold 13, 000 units.Production costs for the year were as follows: Sales were $780, 000 for the year, variable selling and administrative expenses were $88, 400, and fixed selling and administrative expenses were $170, 000.There was no beginning inventory.Assume that direct labor is a variable cost. The contribution margin per unit was:

• A)$17.50 per unit
• B)$32.50 per unit
• C)$27.30 per unit
• D)$25.70 per unit

Calculate and record transactions related to notes payable and interest expense.

Recognize the proper treatment and recording of payroll and related liabilities.

Distinguish between different types of liabilities and understand their classification as current or non-current.

Understand the treatment and recording of sales taxes and how they affect the financial statements.

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Definitions:

Personality Attributes

The traits, characteristics, and behaviors that make up an individual's unique personality.

Ultimate Attribution Error

A cognitive bias where one attributes the negative behavior of an out-group to their character while attributing similar behavior of the in-group to external circumstances.

Cross-Cultural Psychology

The scientific study of how cultural factors influence human behavior, cognition, and perception.

Psychological Theories

Principles formulated to understand and explain mental functions, behavior, and the dynamics of personality.