Problem: Vin Diesel owns the Fredonia Barber Shop. He employs 7 barbers and pays each a base rate of $1,640 per month. One of the barbers serves as the manager and receives an extra $510 per month. In addition to the base rate, each barber also receives a commission of $5.81 per haircut. Other costs are as follows.
Advertising $200 per month
Rent $960 per month
Barber supplies $0.31 per haircut
Utilities $185 per month plus $0.30 per haircut
Magazines $30 per month
Vin currently charges $11.42 per haircut.
Required:
1. Determine the variable costs per haircut and the total monthly fixed costs.
2. Compute the break-even point in units and dollars.
3. Determine net income, assuming 2,380 haircuts are given in a month.
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