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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 $ 20 $ 12 $3 $1 $ 390,000 $ 210,000 During its first year of operations, Haas produced 50,000 units and sold 50,000 units. During its second year of operations, it produced 65,000 units and sold 40,000 units. In its third year, Haas produced 30,000 units and sold 55,000 units. The selling price of the company's product is $48 per unit. Required: 1. Compute the company's break-even point in unit sales. 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.

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 $ 20 $ 12 $3 $1 $ 390,000 $ 210,000 During its first year of operations, Haas produced 50,000 units and sold 50,000 units. During its second year of operations, it produced 65,000 units and sold 40,000 units. In its third year, Haas produced 30,000 units and sold 55,000 units. The selling price of the company's product is $48 per unit. Required: 1. Compute the company's break-even point in unit sales. 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Compute the unit product cost for Year 1, Year 2, and Year 3. Assume the company uses variable costing. Year 1 Year 2 Year 3 Unit product cost Req 1 Complete this question by entering your answers in the tabs below. Net operating income (loss) Req 2A Req 1 Unit product cost Prepare an income statement for Year 1, Year 2, and Year 3. Assume the company uses variable costing. Haas Company Variable Costing Income Statement Year 1 Req 2A Req 1 Req 2B Year 1 < Req 1 Req 2B Req 2A Req 3A Year 2 Complete this question by entering your answers in the tabs below. $ Req 2B < Req 2A Req 3A Year 3 0 0 < Req 2B Req 3B 0 0 $ Req 3A Req 3B Compute the unit product cost for Year 1, Year 2, and Year 3. Assume the company uses absorption costing. (Round your intermediate calculations and final answers to 2 decimal places.) Year 2 Haas Company Absorption Costing Income Statement Year 1 0 0 0 Complete this question by entering your answers in the tabs below. Req 2B > 0 0 $ Req 3B Req 3B > Year 2 Year 3 Req 3A > 0 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.) 0 0 0 0 Year 3 0
Transcribed Image Text:Compute the unit product cost for Year 1, Year 2, and Year 3. Assume the company uses variable costing. Year 1 Year 2 Year 3 Unit product cost Req 1 Complete this question by entering your answers in the tabs below. Net operating income (loss) Req 2A Req 1 Unit product cost Prepare an income statement for Year 1, Year 2, and Year 3. Assume the company uses variable costing. Haas Company Variable Costing Income Statement Year 1 Req 2A Req 1 Req 2B Year 1 < Req 1 Req 2B Req 2A Req 3A Year 2 Complete this question by entering your answers in the tabs below. $ Req 2B < Req 2A Req 3A Year 3 0 0 < Req 2B Req 3B 0 0 $ Req 3A Req 3B Compute the unit product cost for Year 1, Year 2, and Year 3. Assume the company uses absorption costing. (Round your intermediate calculations and final answers to 2 decimal places.) Year 2 Haas Company Absorption Costing Income Statement Year 1 0 0 0 Complete this question by entering your answers in the tabs below. Req 2B > 0 0 $ Req 3B Req 3B > Year 2 Year 3 Req 3A > 0 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.) 0 0 0 0 Year 3 0
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 Required: 1. Compute the company's break-even point in unit sales. 2. Assume the company uses variable costing: During its first year of operations, Haas produced 50,000 units and sold 50,000 units. During its second year of operations, it produced 65,000 units and sold 40,000 units. In its third year, Haas produced 30,000 units and sold 55,000 units. The selling price of the company's product is $48 per unit. 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. Req 1 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Break-even unit sales. Compute the company's break-even point in unit sales. Req 3A units $ 20 $ 12 $3 $ 1 $ 390,000 $ 210,000 < Req 1 Req 3B Req 2A >
Transcribed Image Text: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 Required: 1. Compute the company's break-even point in unit sales. 2. Assume the company uses variable costing: During its first year of operations, Haas produced 50,000 units and sold 50,000 units. During its second year of operations, it produced 65,000 units and sold 40,000 units. In its third year, Haas produced 30,000 units and sold 55,000 units. The selling price of the company's product is $48 per unit. 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. Req 1 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Break-even unit sales. Compute the company's break-even point in unit sales. Req 3A units $ 20 $ 12 $3 $ 1 $ 390,000 $ 210,000 < Req 1 Req 3B Req 2A >
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