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Matt Reiss owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,000 per month. One of the barbers serves as the manager and receives an extra $500 per month. In addition to the base rate, each barber also receives a commission of $5.50 per haircut.
Other costs are as follows.
Advertising $200 per month
Rent $900 per month
Barber supplies $0.30 per haircut
Utilities $175 per month plus $0.20 per haircut
Magazines $25 per month
Matt currently charges $10.00 per haircut.
(a) Determine the variable cost per haircut and the total monthly fixed costs.
(b) Compute the break-even point in units and dollars.
(d) Determine net income, assuming 1,900 haircuts are given in a month.
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Your write-up should be concise enough to allow me to see the answer without having to search but complete enough that I know you did the steps. Step One is important; if you skip ahead to Step Three it will show in your write-up.
The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In 2014, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income ..
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