1 The Dorset Corporation produces and sells a single product. The following data refer to the...

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1 The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory Units produced 0 30,300 Units sold Balling price per unit Selling and administrative expense: Variable per unit Fixed per year 24,700 465 B 25 $469,300 0:02 Manufacturing costas Direct materials cost per unit 211 Direct labor cost par unit 53 Variable manufacturing overhead cost per unit $ 36 Fixed manufacturing overhead per year $454,500 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers below. Required A Required B Required C Required D Prepare an Income statement for the year using variable costing. Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold $ 7,410,000 $11,485,500 Prev 1 of 5 Next > 1 The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory Units produced 0 30,300 Units sold Balling price per unit Selling and administrative expense: Variable per unit Fixed per year 24,700 465 B 25 $469,300 0:02 Manufacturing costas Direct materials cost per unit 211 Direct labor cost par unit 53 Variable manufacturing overhead cost per unit $ 36 Fixed manufacturing overhead per year $454,500 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers below. Required A Required B Required C Required D Prepare an Income statement for the year using variable costing. Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold $ 7,410,000 $11,485,500 Prev 1 of 5 Next >