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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: Manufacturing: Direct materials Direct labor 12 Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $320,000 $100,000 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 $82 per unit. Requirec 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 Req 1A Req 1B Req 2A Req 2B Req 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.) Walsh Company Income Statement Year Year 2 S 3,280,000 S 4,100,000 of goods sold 1,898,000 margin t operating income Req 2A Req 3> 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: Manufacturing: Direct materials 24 12 Direct labor Variable manufacturing overhead Variable selling and administrative $ $320,000 $100,000 Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses 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 $82 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. Req 1A Req 1B Req 2A Req 2B Req 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.) Year 1 Year 2 Variable costing net operating income (loss) Absorption costing net operating income (loss) K Req 2B Req 3 2 High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation 18 points Beginning inventorY Units produced Units sold Selling price per unit Selling and administrative expenses: 35,000 30,000 eBook Variable per unit Fixed (per month) Manufacturing costs: $562, 000 Print 17 Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) References $665, 000 Management is anxious to assess the profitability of the new camp cot during the month of May Required . Assume that the company uses absorption costing a. Determine the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing a. Determine the unit product cost. b. Prepare a contribution format income statement for May Complete this question by entering your answers in the table below Req 1A Req 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses absorption costing product cost Req 1A Req 1B> 2 High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: 18 points Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: 35,000 30,000 Variable per unit Fixed (per month) $562,000 Print Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) 17 References $665,000 Management is anxious to assess the profitability of the new camp cot during the month of May Required Assume that the company uses absorption costing a. Determine the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing a. Determine the unit product cost. b. Prepare a contribution format income statement for May. Complete this question by entering your answers in the table below Req 1A Req 1B Req 2A Req 2B Prepare an income statement for May. Assume that the company uses absorption costing High Country, Inc. Absorption Costing Income Statement 2 High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation 18 points Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: 35,000 30,000 eBook Variable per unit Fixed (per month) $562,000 Print Manufacturing costs: 17 Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) References $665, 000 Management is anxious to assess the profitability of the new camp cot during the month of May Required 1. Assume that the company uses absorption costing a. Determine the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing a. Determine the unit product cost. b. Prepare a contribution format income statement for May Complete this question by entering your answers in the table below. Req 1A Req 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses variable costing Unit product cost Req 1B Req 2B > 2 High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: 18 points Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: 35,000 30,000 Book Variable per unit Fixed (per month) $562,000 Print Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) References $665, 000 Management is anxious to assess the profitability of the new camp cot during the month of May Required 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format income statement for May Complete this question by entering your answers in the table below Req 1A Req 1B Req 2A Req 2B Prepare a contribution format income statement for May. Assume that th e company uses variable costing High Country, Inc. Variable Costing Income Statement Req 2A Req 2B