Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows: \begin{tabular}{|l|r|} \hline Selling price per fireplace & $420 \\ \hline Manufacturing costs: & \\ \hline Variable per unit produced: & $135 \\ \hline Direct materials & $43 \\ \hline Direct labor & $37 \\ \hline Variable manufacturing overhead & $210,000 \\ \hline Fixed manufacturing overhead per year & \\ \hline Selling and administrative expenses: & $45 \\ \hline Variable per unit sold & $190,000 \\ \hline Fixed per year & \\ \hline & 0 \\ \hline Units in beginning inventory & 5,000 \\ \hline Units produced during the year & 4,500 \\ \hline Units sold during the year & \\ \hline \end{tabular} Required: Use the data to answer the following. (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.) 1. Assume the company uses variable costing: Compute the unit product cost for one fireplace $420 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