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Problem
Red, Inc. produces and sells a single product. Unit costs for direct materials and direct labor are S30 and $20, respectively. In 2016, 12,000 units were produced and total overhead was $284,000. In 2017 total overhead was $204,000 when 7,000 units were produced. Selling price of the unit is $86.
1. Compute the total fixed overhead of the company.2. Compute the contribution margin ratio.3. Compute the company's break-even point in sales dollars.4. Compute the number of units that must be sold to have net income of $50,000 (ignore income taxes).
In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2014. The 6% rate is appropriate in this situation.
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