Chapter 6: Applying Excel Data Soling price per unit $50 Manufacturing costs: Variable per unit produced: Direct materials $11 Direct labor $6 Variable manufacturing overhead $3 Fixed manufacturing overhead per year $120,000 Selling and administrative expenses: Variable per unit sold $4 Fixed per yoar $70,000 Year 1 Year 2 Units in beginning inventory Units produced dur Units sold during the year the year 10,000 6,000 8,000 8,000 Enter a formula into each of the cells marked with a 7 below Review Problem 1: Contrasting Variable and Absorption Costing Compute the Ending Inventory Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year 7 7 2. Units in ending inventory 7 Compute the Absorption Costing Unit Product Cost Year 1 Year 2 Direct materials 7 Direct labor Variable manufacturing overhead 7 Fixed manufacturing overhead Absorption costing unit product cost Construct the Absorption Costing Income Statement Year 2 Year 1 Sales 7 Cost of goods sold 2 Gross margin Selling and administrative expenses Net operating income 7 Chapter 6 Form Year 1 Year 2 7 Direct materials ? Direct labor Variable manufacturing overhead Fixed manufacturing overhead Absorption costing unit product cost Construct the Absorption Costing income Statement Year 1 Year 2 Sales 7 Cost of goods sold Gross margin 7 Selling and administrative expenses Net operating income Compute the Variable Costing Unit Product Cost Year 1 Year 2 7 Direct materials Direct labor Variable manufacturing overhead Variable costing unit product cost 7 Construct the Variable Costing Income Statement Year 1 Year 2 7 Sales Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin 7 7 7 Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income