Chapter 7: Applying Excel Data Selling price per unit $282 Manufacturing costs: Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable per unit sold Fixed per year $2 $37,000 Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year Enter a formula into each of the cells marked with a ? below Review Problem 1: Contrasting Variable and Absorption Costing Compute the Ending Inventory Units in beginning inventory Units produced during the year Units sold during the year Units in ending inventory Compute the Absorption Costing Unit Product Cost Year 1 Year 2 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Absorption costing unit product cost \begin{tabular}{|r|r|} \hline? & ? \\ \hline? & ? \\ \hline? & ? \\ \hline? & ? \\ \hline \hline \end{tabular} Construct the Absorption Costing Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Compute the Variable Costing Unit Product Cost Year 1 Year 2 Direct materials Direct labor Variable manufacturing overhead Variable costing unit product cost \begin{tabular}{|r|c|} \hline? & ? \\ \hline? & ? \\ \hline? & ? \\ \hline? & ? \\ \hline \hline \end{tabular} Construct the Variable Costing Income Statement Year 1 Year 2 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expenses Contribution margin \begin{tabular}{|r|r|c|c|} \hline? & & ? & \\ \hline? & ? & ? & ? \\ \hline & ? & & ? \\ \hline \end{tabular} Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income