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Help 2. Exercise 7-9 Variable and Absorption Costing Unit Product Costs and Income Statements (L07-1, LO7-2, LO7-3) Ints Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Book Hint Variable costs per unit: Manufacturing: Direct materials $ 24 Direct labor 16 Variable manufacturing overhead $ 3 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead $320,000 Fixed selling and administrative $100,000 expenses Print 0 erence During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $84 per unit. Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2A Req 2B Req3 Assume the company uses absorption costing. Prepare an income statement for Year 1 and Year 2. (Round your intermediate calculations to 2 decimal places.) Walsh Company Income Statement Year 1 Year 2 Sales $ $ 3,360,000 4200,000 Cost of goods sold Gross margin Selling and administrative expenses Net operating income $ 0 $ 0 (loss Exercise 7-9 Variable and Absorption Costing Unit Product Costs and Income Statements (L07-1, L07- LO7-3) Walsh Company manufactures and sells one product. The following Information pertains to each of the company's fir two years of operations: Variable costs per unit: Manufacturing: Direct materials $ 24 Direct labor $ 16 Variable manufacturing overhead $ 3 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead $320,000 Fixed selling and administrative expenses $100,000 During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $84 per un Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2A Req 2B Req 3 Reconcile the difference between variable costing and absorption costing net operating income in Year 1. (Enter any losses or deductions as a negative value, Round your intermediate calculations to 2 decimal places.) Show less Year 1 Year 2 Variable costing net operating income (loss) Absorption costing net operating Income (loss) 2 Files Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $320,000 $100,000 Print Reference During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. Duri operations, it produced 40,000 units and sold 50,000 units. The selling price of the compar Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating in Complete this question by entering your answers in the tabs below. Req 1 Reg 1B Req 2A Req 2B Req3 Assume the company uses variable costing. Compute the unit product cost for year 2. Unit product cost Year 1 Year 2 $ 43 $ 43 Reg 1A Req 1B> The selling price of the compan Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating in Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2A Req 2B Req3 Assume the company uses variable costing. Prepare an income statement for Ye Year 2. Walsh Company Income Statement Year 1 Year 2 Sales $ $ 3,360,000 4,200,000 Variable expenses: Variable cost of goods sold 1.720,000 2,150,000 Variable selling and administrative 80,000 100,000 1,800,000 2,250,000 1,560,000 1,950,000 Total variable expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expense 320,000 100,000 320,000 100,000 Total fixed expenses Net operating income (loss) 420,000 420,000 $ $ 1,140,000 1,530,000 Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net op Complete this question by entering your answers in the tabs be Req 1A Req 1B Rey 2A er 2A Reg 2B Req3 Assume the company uses absorption costing. Compute the unit product and Year 2. (Round your intermediate calculations and final answers to a Unit product cost Year 1 Year 2 49.40 $ 51.00