During 2014, its first year of operations, ABC Company produced 20,000 units and sold 12,000 units. During 2015, ABC Company produced 22,000 units and sold 28,000 units. The following information was taken from ABC's accounting records for 2014 and 2015: 

 2014 2015 Direct materials cost per unit .................... $18 $15 Direct labor cost per unit ........................ $20 $24 Variable overhead cost per unit ................... $10 $12 Variable selling & administrative cost per unit ... $5 $5 Fixed overhead (total cost) ....................... $120,000 $165,000 Fixed selling & administrative (total cost) ....... $100,000 $140,000 

Assume the selling price of ABC Company's product was $80 per unit for both years. 

1) Calculate ABC Company's 2015 gross profit using variable costing. Assume ABC Company employs a weighted average inventory cost flow assumption. Do not use decimals in your answer. 

2) Calculate ABC Company's 2014 net income using variable costing. Do not use decimals in your

answer. 

3) Calculate ABC Company's 2015 cost of goods sold using variable costing. Assume ABC Company

employs a FIFO inventory cost flow assumption. Do not use decimals in your answer. 

4) Calculate the dollar amount of ABC Company's finished goods inventory that would appear on the

December 31, 2014 balance sheet using absorption costing. Do not use decimals in your answer. 

5) Calculate ABC Company's 2015 net income using absorption costing. Assume ABC Company employs

a LIFO inventory cost flow assumption. Do not use decimals in your answer.