Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 3A Req 3B Prepare an income statement for Year 1, Year 2, and Year 3. Assume the company uses absorption costing. (Round your intermediate calculations to 2 decimal places.) Haas Company Absorption Costing Income Statement Year 1 Year 2 Year 3 Sales $ 2,160,000 $ 1,620,000 $ 2,430,000 +. 2,430,000 2,160,000 1,620,000 $ 2,160,000 $ 1,620.000 24 2,430,000 Net onerating income (loss)
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Req 1
Req 2A
Req 2B
Req 3A
Req 3B
Prepare an income statement for Year 1, Year 2, and Year 3. Assume the company uses absorption costing. (Round your
intermediate calculations to 2 decimal places.)
Haas Company
Absorption Costing Income Statement
Year 1
Year 2
Year 3
Sales
$ 2,160,000 $ 1,620,000r$ 2,430,000
2,160,000
1,620,000
2,430.000
$ 2,160,000 $ 1.620,000 $ 2,430,000
Net operating income (loss)
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Haas Company manufactures and sells one product. The following information pertains to each of the company's first three years of
operations:
Variable costs per unit:
Manufacturing:
Direct materials
Direct labor
Variable manufacturing overhead
Variable selling and administrative
Fixed costs per year:
Fixed manufacturing overhead
Fixed selling and administrative expenses
24
$
24
24
16
1
$ 220,000
$ 140,000
During its first year of operations, Haas produced 40,000 units and sold 40,000 units. During its second year of operations, it
produced 55,000 units and sold 30,000 units. In its third year, Haas produced 20,000 units and sold 45,000 units. The selling price of
the company's product is $54 per unit.
Required:
Compute
2. Assume the company uses variable costing:
a. Compute the unit product cost for Year 1, Year 2, and Year 3.
b. Prepare an income statement for Year 1. Year 2, and Year 3.
3. Assume the company uses absorption costing:
a. Compute the unit product cost for Year 1, Year 2, and Year 3.
b. Prepare an income statement for Year 1. Year 2. and Year 3.
company's break-even point in unit sales.
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