Eb-35A (similar to) Clover Industries has one product Information about the production and sales of that product for the past year follow. (Click the icon to view the data.) The company had no beginning inventory Read the requirements olac of that arduict for the nationalam i Requirements X usi tio C. 1. Prepare two income statements for the year, one using absorption costing and one using variable costing. Use those statements to answer the following questions: What is the product cost per unit using absorption costing? b. What is the product cost per unit using variable costing? What is the ending inventory balance using absorption costing? d. What is the ending inventory balance using variable costing? What is cost of goods sold using absorption costing? f What is cost of goods sold using variable costing? g. What is operating income using absorption costing? h. What is operating income using variable costing? 2. What is the underlying reason for the difference in operating income between the two costing methods? e. Print Done and to Clear All i Data Table - ... 69 Selling price per unit .. $ 44.00 Direct material per unit $ 14.00 Direct labor per unit.. 3.00 Total annual manufacturing overhead $ 209,000 Fixed portion of annual manufacturing overhead . $ 190,000 Variable operating expenses per unit sold $ 2.00 Fixed operating expenses per year in total. 42,000 Units manufactured. 19,000 LA $ en Units sold 14 000 Print Done Clear All Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing Begin by preparing the income statement for the year using absorption costing. Clover Industries Income Statement (Absorption Costing) For the Year Ended Sales revenue $ 616.000 392,000 Less Cost of goods sold Gross profit S 224.000 Less Operating expenses 70 000 Operating income $ 154 000 For the Year Ended Sales revenue 616.000 Less: Variable expenses Variable cost of goods sold 28.000 Variable operating expenses Contribution margin Less Fixed expenses Fixed manufacturing overhead Fixed operating expenses Operating income Choose from any list or enter any number in the input fields and then click 9 parts remaining