Mason Company has the following selected data for the current year:Sales (10,000 units) $90,000Direct materials $45,000Direct labor costs $15,000Variable manufacturing overhead $5,250Fixed manufacturing overhead $11,250Variable selling and administrative expenses $3,750Fixed selling and administrative expenses $22,500The company produced and sold 10,000 units. Direct materials and direct labor are variable costs.Requirements:a. Prepare an income statement for the current year using the contribution margin format.b. Prepare an income statement for the current year using the traditional format.Dr. Peterside is considering buying a company if it will break even or earn net income on revenues of $80,000 per month. The company that Dr. Peterside is considering sells each unit it produces for $5. Use the following cost data to:Volume (units) Cost8,000 $70,00068,000 190,000Requirements:a. Using the high-low method to compute the variable cost per unit and the fixed cost for the period.b. Calculate the break-even point in sales dollar.
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