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ANAGERIAL ACCOUNTING whitewater Library - Whi...n-Whitewater Canvas Univ...n-Whitewater M Question 2 - HW - CH 06 Concept Overviews, Exercise WINS - Stude. WhitewateBlog 2021 websig C Exercise 6-9 Variable And Unit Concept Overviews, Exercises, Problems Saved Exercise 6-9 (Static) Variable and Absorption Costing Unit Product Costs and Income Statements (L06-- LO6-2, L06-3) Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit: Manufacturing: Direct materials $ 25 Direct labor $ 15 Variable manufacturing overhead $ 5 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead $ 250,000 Fixed selling and administrative expenses $ 80,000 During its first year of operations, Walsh produced Sb.000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $60 per unit. Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. Req 1A Reg 1B Req 2A Req 2B Req3 Assume the company uses variable costing. Prepare an income statement for Year 1 and Year 2. Walsh Company Income Statement Year 1 Year 2 $ 2,400,000 $3,000,000 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative 1,800,000 80,000 2,250,000 100,000 1,880,000 520,000 2,350,000 650,000 Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 250,000 80,000 250.000 80,000 Total fixed expenses Net operating income (loss) 330,000 190,000 330,000 320,000 $ $