Blackboard Leam HCT Mail HCT Portal Apple Cloud Google Facebook Twiter Linkedin The 2 and 3 During Denton Company's first two years of operations, the company reported absorption costing net operating income as follows: Sales (@ $82 per unit) Cost of goods sold (@ $33 per unit) 1,178,000 $1,798,000 627,000 957,000 Gross margin Selling and administrative expenses 551,000 841,000 12,000 342,000 and administrative expensos Net operating income 239,000 $499,000 $3 per unit variable; $255,000 fixed each year The company's $33 unit product cost is computed as follows Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($264,000 24,000 units) 11 12 Absorption costing unit product cost s 33 Production and cost data for the two years are given below Units produced Units sold Year 1Year 2 24,000 24,000 19,000 29,000 1. Prepare a variable costing contribution format income statement for each year. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in your response.) MacBook Pro 888 A esc F2 Blackboard Learn HCT Mail HCT Portal Apple Cloud Google Facebook Twitter Linkedin The Weather Channel 2 and 3 (Click to select Variable expenses: (Click to select) (Click to select) Total variable expenses (Click to select) Fixed expenses: (Click to select) Click to select) Total fixed expenses (Click to select) 2. Reconcile the absorption costing and variable costing net operating income figures for each year. (Loss amounts and amounts to be deducted should be indicated with a minus sign. Omit the "S" sign in your response.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Variable costing net operating income (loss) Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Absorption costing net operating income (loss) MacBook Pro 888 FA v6 F2