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3 Check my work Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit 10 points Manufacturingi Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative eBook Print References Pixed costs per year: Fixed manufacturing overhead Pixed selling and administrative expenses $320,000 $ 70,000 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 $89 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. Complete this question by entering your answers in the tabs below 10 points 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. eBook Print References Complete this question by entering your answers in the tabs below Req 1A Req 18 Req 2A Req 28 Req 3 Assume the company uses variable costing. Compute the unit product cost for year 1 and year 2. Unit product cost Req 1B 3 Check my w Req 1A Req 18 Req 2A Req 28 Req 3 Assume the company uses variable costing. Prepare an income statement for Year 1 and Year 2. 10 points Walsh Company Income Statement eBook Print References Year 1 Year 2 Sales Variable expenses Variable cost of goods sold Variable seling and administrative Total vaiable expenser Contribution margin Fixed manufacturing overhead Fixed selling and administrative expense Total foxed expenses Not operating income (oss) Req 2A> Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 3 Assume the company uses absorption costing. Compute the unit product cost for Year 1 and Year 2. (Round your intermediate calculations and final answers to 2 decimal places.) Year 1 Year 2 Unit product cost Req 1B Req 2B Check 3 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 Complete this question by entering your answers in the tabs below 10 points Req 1AReq 18Req 2AReq 28 Reg 3 eBook Print References Assume the company uses absorption costing. Prepare an income statement for Year 1 and Year 2. (Round your intermediate calculations to 2 decimal places.) Walsh Income Statement Year 1 Year 2 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Req 2A Req 3 ) Help Save& Exit Check my 3: 1. Assume the company uses vanabie 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. 10 points eBook Complete this question by entering your answers in the tabs below Print Req 1A Req 1B Req 2A Req 2B Reg 3 Reconcile the difference between variable costing and absorption costing net operating income in Ye deductions as a negative value. Round your intermediate calculations to 2 decimal places.) ar 1. (Enter any losses or Year 1 Variable costing net operating inoome (loss) Add: Fixed manufacturing Deduct: Fixed manufacturing overhead cost released from inventory under absorption costing Absorption costing net operating income (loss) overhead cost deferred in inventory under absorption costing Req 28