A B C D E 2 Addison, Incorporated makes a single product, an indoor fireplace. Date for last year is as follows: LU 4 Selling price per fireplace 5420 5 Manufacturing costs: 6 Variable per unit produced: Direct materials 5135 Direct labor $43 9 Variable manufacturing overhead $37 10 Fixed manufacturing overhead per year $210,000 11 Selling and administrative expenses: 12 Variable per unit sold $45 13 Fixed per year $190,000 14 15 Units in beginning inventory 0 16 Units produced during the year 5.000 17 Units sold during the year 4,500 18 19 Required: 20 Use the data to answer the following. 21 22 (Use cells A4 to B17 from the given information, as well as A26 to C52 to complete this question. All answers should be input and displayed as positive values.) 23A B C D E F G H (Use cells A4 to 817 from the given information, as well as A26 to C52 to complete this question. All answers should be input and displayed as positive values.) 1. Assume the company uses variable costing: Compute the unit product cost for one fireplace 5178 X Prepare a contribution margin income statement for the year Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income Compute the number of fireplaces required to break even 2. Assume the company uses absorption costing: Compute the unit product cost for one fireplace Prepare an income statement for the year Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Was fixed overhead deferred to or released from inventory? Fixed overhead was: Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. Nothing in this area will be graded, but it will be submitted with your assignment