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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 (@ $69 per unit) $ 1,989,988 $ 1,689,988 Cost of goods sold (@ $35 per unit) 639,988 989,988 Gross margin 459,988 799,988 Selling and administrative expenses* 299,988 329,988 Net operating income $ 151,988 $ 371,988 "' $3 per unit variable; $245,000 fixed each year. The company's $35 unit product cost is computed as follows: Direct materials $ ? Direct labor 11 Variable manufacturing overhead 2 Fixed manufacturing overhead {$345,888 + 23,999 units} 15 Absorption costing unit product cost $ 35 Forty percent offixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings. Production and cost data for the rst two years of operations are: Year 1 Year 2 Units produced 23,889 23,889 Units sold 18,888 28,889 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. Required 1 Required 2 Required 3 Reconcile the absorption costing and the variable costing net operating income figures for each year. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Variable costing net operating income (loss) $ 76,000 $ 446,000 Add: Fixed manufacturing overhead cost deferred in inventory under absorption costing 75,000 Less: Fixed manufacturing overhead cost released from inventory under absorption costing (75,000) Absorption costing net operating income $ 151,000 $ 371,000