Check my we TB Problem Ou. 7-274 The Dorset Corporation produces and sells.. The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: 30,300 24,700 465 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed per year Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year $ 25 $469, 300 $ 211 $ 53 $36 $454,500 Assume that direct labor is a variable cost. Required: compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing a Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above, Complete this question by entering your answers in the tabs below. Required Required B Required C Required D Compute the unit product cost under both the absorption costing and variable costing approaches. Absorption costing Variable cooting Cost Per Unit $ 315 $ 300 Cure Required 8 > Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year $ 211 $ 53 $ 36 $454,500 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an income statement for the year using absorption costing. Absorption Costing Income Statement Sales $ 11,485,500 Cost of goods sold 7.780,500 Gross margin 3,705,000 Selling and administrative expenses 839,800 Net operating income 2,865,200 Required A Required c> Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year $ 211 $ 53 $36 $45,388 Assume that direct labor is a variable cost Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an income statement for the year using variable costing. Variable Costing Income Statement Sales $ 11,485,500 Variable expenses Variable cost of goods sold Variable selling and administrative expenses $ 7,410,000 370,500 7,780,500 3,705,000 Contribution margin Foxed expenses Fixed manufacturing overhead Fixed selling and administrative expenses 469,300 454,500 Net operating income 923.800 2,781,200 Check e Dorset Corporation produces and sells a single product. The following data refer to the year just completed. 30,300 24,700 465 Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed per year Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year 25 $469,308 211 $ 53 $ 36 $454,500 assume that direct labor is a variable cost. Required: Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Net operating income (loss) under variable costing Add: Fixed manufacturing overhead costs deferred in inventory under absorption costing Net operating income (loss) under absorption costing