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Hujan Renyai Sdn. Bhd. makes umbrella for the monsoon season. It has a variable production cost of RM8 per unit and a sales price of RM15 per unit. At the beginning of the Year 1, there were no opening stocks. Production in year 1 and year 2 was 30,000 umbrellas. Fixed Cost for each period were RM55,000 (Production RM30,000, Administration RM10,000 and Selling RM15,000). Unit sold for year 1 is 25,000 umbrellas and for year 2 is 35,000 umbrellas.
Required:
Problem 1: Prepare income statement using variable costing and absorption costing for year 1 and year 2
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