Check my work 1 Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: 20 points Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $ $ $ $ 23 15 5 4 eBook Hint $320,000 $100,000 Print References During its first year of operations, Walsh produced 50,000 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 $84 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. HW Chpt 7 Saved Help Save & Exit Submit Check my work 1 Complete this question by entering your answers in the tabs below. 20 points Req 1A Reg 1B Reg 2A Reg 2B Reg 3 Assume the company uses absorption costing. Prepare an income statement for Year 1 and Year 2. (Round your intermediate calculations to 2 decimal places.) eBook Hint Print Walsh Company Income Statement Year 1 Year 2 References $ 3,360,000 $ 4,200,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) $ 0 $ 0 Check my work 1 1 Complete this question by entering your answers in the tabs below. 20 points Reg 1A Req 1B Req 2A Req 2B Reg 3 Reconcile the difference between variable costing and absorption costing net operating income in Year 1. (Enter any losses or deductions as a negative value. Round your intermediate calculations to 2 decimal places.) eBook Hint Year 1 Year 2 Print Variable costing net operating income (loss) References Absorption costing net operating income (loss)