Harris Corporation Produces a Single Product

question 62

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. Under variable costing, the company's net operating income for the year would be:

• A)$60, 000 higher than under absorption costing
• B)$108, 000 higher than under absorption costing
• C)$108, 000 lower than under absorption costing
• D)$60, 000 lower than under absorption costing

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Definitions:

Statement of Operations

A financial report that summarizes the revenue, expenses, and profits or losses of an organization over a specific period, typically a fiscal quarter or year.

Disbursement Basis

An accounting method where expenses are recorded when cash is paid out rather than when the expense is incurred.

Consolidation

The merging of assets, liabilities, and other financial items of two or more entities to form a single, combined financial statement.

Investment

Allocation of resources, usually money, in assets or projects expected to generate income or profit in the future.