Hoss Company masnufsctures and sells one product. The following information pertsins to esch of the company's first three years ofoperations:Variable costs per unit:Manufacturing:Direct materials20Direct labor12Variable nanufacturing overheadVariable selling and administrativeFixed costs per year:Fixed manufacturing overheadFixed selling and adrinistrative expenses$ 110,0005e,000During its first year of operations, Has produced 40,000 units and sold 40,000 units. During its second year of operations, itproduced 55,000 units and sold 30,000 units. In its third year, Hess produced 20,000 units and sold 45,000 units. The selling price ofthe company's product is $46 per unit.Required:1. Compute the company's break-even point in unit sales.2. Assume the company uses variable costing:a. Compute the unit product cost for Year 1, Year 2, and Year 3.b. Prepore on income statement for Year 1, Yeor 2, and Year 3.3. Assume the company uses absorption costing:a. Compute the unit product cost for Year 1, Year 2, and Year 3.b. Prepore an income statement for Year 1, Year 2, and Year 3.Complete this question by entering your answers in the tabs below.Req 1Req 2AReq 28Req 3AReq 38Prepare an income statement for Year 1, Year 2, and Year 3. Assume the company uses variable costing.Наав СompanyVarlable Costing Income statementYear 1Year 2Year 3Net aperating income (lass)< Req 2AReq 3A > Hoss Company manufectures and sells one product. The following information pertains to each of the company's first three years ofoperations:Variable costs per unit:Manufacturing:Direct materialsDirect laborVariable nanufacturing overheadVariable selling and administrativeFixed costs per year:Fixed manufacturing overheadFixed selling and adninistrative expenses24242420127$ 110,000$ 58,800During its first year of operations, Hass produced 40,000 units and sold 40,000 units. During its second year of operations, itproduced 55,000 units and sold 30,000 units. In its third yesr, Hass produced 20,000 units and sold 45,00 units. The selling price ofthe company's product is $46 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. Prepore 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. Prepore an income statement for Year 1, Year 2, and Year 3.Complete this question by entering your answers in the tabs below.Req 1Req 24Req 28Req 3AReq 38Prepare an income statement for Year 1, Year 2, and Year 3. Assume the company uses absorption costing. (Round yourintermediate calculations to 2 decimal places.)Наав СompanyAbsorption Costing Income StatementYear 1Year 2Year 3Net aperating income (lass)< Req SAReq 38

Name: Hoss Company masnufsctures and sells one product. The following infor
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Description: Hoss Company masnufsctures and sells one product. The following information pertsins to esch of the company's first three years ofoperations:Variable costs per unit:Manufacturing:Direct materials20Direct labor12Variable nanufacturing overheadVariabl

Answer: Contribution margin per unit= $46- (20+12+7+3)= $4 per unit 2-b- Variable costing income…

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riable costs per unit: Manufacturing: Direct materials Direct labor 12 Variable manufacturing overhead Variable selling and administrative xed costs per year: Fixed manufacturing overhead Fixed selling and adrinistrative expenses $ 110,e00 $ s0,000 ng its first year of operations, Hoss produced 40,000 units and sold 40,000 unit duced 55,000 units and sold 30,000 units. In its third year, Heas produced 20,00 zompany's product is $46 per unit ulred: ompute the company's break-even point in unit sales. ssume the company uses verisble costing: ompute the unit product cost for Year 1, Year 2, and Year 3. repare an income statement for Year 1, Year 2. and Year 3. Esume the company uses absorption costing: ompute the unit product cost for Year 1, Year 2, and Year 3. repare an income statement for Year 1, Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Req 3A Req 38 epare an income statement for Year 1, Year 2, and Year 3. Assume the company uses Наав Соmpany Varlable Costing Income statement Year 1 Year 2 Year 3

riable costs per unit: Manufacturing: Direct materials Direct labor 12 Variable manufacturing overhead Variable selling and administrative xed costs per year: Fixed manufacturing overhead Fixed selling and adrinistrative expenses $ 110,e00 $ s0,000 ng its first year of operations, Hoss produced 40,000 units and sold 40,000 unit duced 55,000 units and sold 30,000 units. In its third year, Heas produced 20,00 zompany's product is $46 per unit ulred: ompute the company's break-even point in unit sales. ssume the company uses verisble costing: ompute the unit product cost for Year 1, Year 2, and Year 3. repare an income statement for Year 1, Year 2. and Year 3. Esume the company uses absorption costing: ompute the unit product cost for Year 1, Year 2, and Year 3. repare an income statement for Year 1, Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Req 3A Req 38 epare an income statement for Year 1, Year 2, and Year 3. Assume the company uses Наав Соmpany Varlable Costing Income statement Year 1 Year 2 Year 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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