ALL ANSWERS MUST BE IN EXCEL FORMULAS

Addison, Inc. makes a single product, an indoor fireplace, and has provided data from last year of operations. The Controller has asked you to compare income statements if the company used the variable costing approach vs. the absorption costing report. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, =B3 was entered, the formula would output the result from cell B3, or 420 in this example.

Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B15+B16 was entered, the formula would add the values from those cells and output the result, or 9,500 in this example. If using the other math symbols the result would output an appropriate answer for its function.

SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(B6,B7,B8) was entered, the formula would output the result of adding those three separate cells, or 215 in this example. Similarly, if in a blank cell =SUM(B6:B8) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 215 in this example.

B 1 u , .?. . . Alignment Number Conditional Format as,Cell Formatting TableStyles Paste Cells Editing Font Styles E46 1 Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows: 3 elling price per fireplace Manufacturing costs: Variable per unit produced: $420 6 i Direct materials Direct labor $135 $43 $37 $210,000 8Variable manufacturing overhead 9 Fixed manufacturing overhead per year 10 iselling and administrative expenses: 11 Variable per unit sold $45 190,000 Fixed per year 13 14 Units in beginning inventory is iUnits produced during the year 16 Units sold during the year 17 5,000 4,500 18 Use the data to answer the following. 19 0 i1. Assume th 21 e company uses variable costing: 2 Compute the unit product cost for one fireplace 23 24 iPrepare a contribution marqgin income statement for the year . Sheeti 01 + 100%