Reference no: EM132523881
Ivanhoe Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,640 per month. One of the barbers serves as the manager and receives an extra $530 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 $280 per month
Rent $990 per month Barber supplies $0.45 per haircut
Utilities $175 per month plus $0.35 per haircut
Magazines $25 per month
Ivanhoe currently charges $11.30 per haircut.
Question 1: Determine the variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.)
Question 2: Compute the break-even point in units and dollars.
Question 3: Determine net income, assuming 2,490 haircuts are given in a month.
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