Herring Manufacturing manufactures a single product that it will sell for $72 per unit. The company is looking to project its operating income for its first two years of operations. Cost information for the single unit of its product is as follows: (Click the icon to view the data.) During its first year of operations, the company plans to manufacture 26,000 units and anticipates selling 16,000 of those units. During the second year of its operations, the company plans to manufacture 26,000 units and anticipates Selling 29,000 units it has units in beginning inventory for the second year from its first year of operations) Read the requirements. of operations and (b) the second year of operations. More Info Direct material per unit produced $29 Direct labor cost per unit produced $15 Variable manufacturing overhead (MOH) per unit produced $3 Variable operating expenses per unit sold $2 Fixed manufacturing overhead (MOH) for each year is $234,000, while fixed operating expenses for each year will be 500,000 to the next question Che * Requirements plan: sturing manufactur iny is looking to pre lost information for pon to view the dat ring 26.00 1 ento! ations. More Info . Prepare an absorption costing income statement for the following: a. The first year of operations b. The second year of operations 2. Before you prepare the variable costing income statements for Herring, predict the company's operating income using variable costing for both its first year and its second year without preparing the variable costingyincome statements. Hint: Calculate the variable costing operating income for a given year by taking that year's absorption costing operating income an adding or subtracting the difference in operating income as calculated using the following formula: Difference in operating income = (Change in inventory level in units x Fixed MOH per unit) 3. Prepare a variable costing income statement for each of the following years: a. The first year of operations irect material per unit direct labor cost per un Wariable manufacturing Jariable operating expe Fixed manufacturing oy while fixed operating e Print Done ple Requirement 1. Prepare an absorption costing income statement for (a) the first ear of operations and (b) the second year of operations. Herring Manufacturing Income Statement (Absorption Costing) -M Library (a) Year 1 (b) Year 2 Less Requirement 2. Before you prepare the variable costing income statements for Herring, predict the company's operating income using variable costing for bo first year and its second year without preparing the variable costing income statements. Hint: Calculate the variable costing operating income for a given year taking that year's absorption costing operating income and adding or subtracting the difference in operating income as calculated using the following formula: Difference in operating income (Change in inventory level in units x Fixed MOH per unit). Begin by calculating the difference in income each year using the formula provided. Change in inventory Fixed MOH Difference in Choose from any list or enter any number in the input fields and then continue to the navnet Herring Manufacturing manufactures a single product that it will sell for $72 per During its first year of operations, the company plans to manufacture unit. The company is looking to project its operating income for its first two years and anticipates selling 16,000 of those units. During the second year pl operations. Cost information for the single unit of its product is as follows: operations, the company plans to manufacture 26,000 units and antic Click the icon to view the data.) seling 29,000 units (it has units in beginning inventory for the second its first year of operations). Read the requirements. Begin by calculating the difference in income each year using the formula provided Change in inventory Fixed MOH Diference in Year level in units operating income Now predict Harring's operating income under variable costing for both its first year and its second year of operations. narating in ma Herring Manufacturing manufactures a single product that it will sell for $72 per unit. The company is looking to project its operating income for its first two years of operations. Cost information for the single unit of its product is as follows: (Click the icon to view the data.) During its first year of operations, the company plans to manufacture 26,000 units and anticipates selling 16,000 of those units. During the second year of its operations, the company plans to manufacture 26,000 units and anticipates Selling 29,000 units it has units in beginning inventory for the second year from its first year of operations) Read the requirements. of operations and (b) the second year of operations. More Info Direct material per unit produced $29 Direct labor cost per unit produced $15 Variable manufacturing overhead (MOH) per unit produced $3 Variable operating expenses per unit sold $2 Fixed manufacturing overhead (MOH) for each year is $234,000, while fixed operating expenses for each year will be 500,000 to the next question Che * Requirements plan: sturing manufactur iny is looking to pre lost information for pon to view the dat ring 26.00 1 ento! ations. More Info . Prepare an absorption costing income statement for the following: a. The first year of operations b. The second year of operations 2. Before you prepare the variable costing income statements for Herring, predict the company's operating income using variable costing for both its first year and its second year without preparing the variable costingyincome statements. Hint: Calculate the variable costing operating income for a given year by taking that year's absorption costing operating income an adding or subtracting the difference in operating income as calculated using the following formula: Difference in operating income = (Change in inventory level in units x Fixed MOH per unit) 3. Prepare a variable costing income statement for each of the following years: a. The first year of operations irect material per unit direct labor cost per un Wariable manufacturing Jariable operating expe Fixed manufacturing oy while fixed operating e Print Done ple Requirement 1. Prepare an absorption costing income statement for (a) the first ear of operations and (b) the second year of operations. Herring Manufacturing Income Statement (Absorption Costing) -M Library (a) Year 1 (b) Year 2 Less Requirement 2. Before you prepare the variable costing income statements for Herring, predict the company's operating income using variable costing for bo first year and its second year without preparing the variable costing income statements. Hint: Calculate the variable costing operating income for a given year taking that year's absorption costing operating income and adding or subtracting the difference in operating income as calculated using the following formula: Difference in operating income (Change in inventory level in units x Fixed MOH per unit). Begin by calculating the difference in income each year using the formula provided. Change in inventory Fixed MOH Difference in Choose from any list or enter any number in the input fields and then continue to the navnet Herring Manufacturing manufactures a single product that it will sell for $72 per During its first year of operations, the company plans to manufacture unit. The company is looking to project its operating income for its first two years and anticipates selling 16,000 of those units. During the second year pl operations. Cost information for the single unit of its product is as follows: operations, the company plans to manufacture 26,000 units and antic Click the icon to view the data.) seling 29,000 units (it has units in beginning inventory for the second its first year of operations). Read the requirements. Begin by calculating the difference in income each year using the formula provided Change in inventory Fixed MOH Diference in Year level in units operating income Now predict Harring's operating income under variable costing for both its first year and its second year of operations. narating in ma