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During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 Sales ( $61 per unit) $ 1,098,000 $ 1,708,000 Cost of goods sold (@ $42 per unit) 756,000 1,176,000 Gross margin 342,000 532,000 Selling and administrative expenses * 309,000 339,000 Net operating income $ 33,000 $ 193,000 * $3 per unit variable: $255,000 fixed each year. The company's $42 unit product cost is computed as follows: Direct materials $ 9 Direct labor 12 Variable manufacturing overhead 4 Fixed manufacturing overhead ($391,000 + 23,000 units) 17 Absorption costing unit product cost $ 42 $ Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced 23,000 23,000 Units sold 18,000 28,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year. Complete this question by entering your answers in the tabs below. During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 Sales ( $61 per unit) $ 1,098,000 $ 1,708,000 Cost of goods sold (@ $42 per unit) 756,000 1,176,000 Gross margin 342,000 532,000 Selling and administrative expenses * 309,000 339,000 Net operating income $ 33,000 $ 193,000 * $3 per unit variable: $255,000 fixed each year. The company's $42 unit product cost is computed as follows: Direct materials $ 9 Direct labor 12 Variable manufacturing overhead 4 Fixed manufacturing overhead ($391,000 + 23,000 units) 17 Absorption costing unit product cost $ 42 $ Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced 23,000 23,000 Units sold 18,000 28,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year. Complete this question by entering your answers in the tabs below