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Chapter 6 Homework Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indic 16 Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. 3 points $3,600,000 Sales (80,000 units - $45 per unit) Cost of goods sold Beginning inventory Cost of goods manufactured (100,000 units * $25 per unit) Cost of goods available for sale Ending inventory (20,000 $25) Cost of goods sold Gross margin Selling and administrative expenses Net income $ 0 2,500,000 2,500,000 500.000 2,000,000 1,600,000 540,000 31,060,000 Additional Information a. Selling and administrative expenses consist of $400,000 in annual fixed expenses and $1.75 per unit in variable selling and administrative expenses. b. The company's product cost of $25 per unit is computed as follows Direct materials Direct labor Variable overhead Fixed overhead ($800,000 / 100,000 units) $ 3 per unit $11 per unit $ 3 per unit S8 per unit Required: 1. Prepare an income statement for the company under variable costing 2. Fill in the blanks Answer is not nmnlete 16 Answer is not complete. Complete this question by entering your answers in the tabs below. 3 points Required 1 Required 2 Prepare an income statement for the company under variable costing. TREZ Company Variable Costing Income Statement Sales $ 3,600,000 Less: Variable costs Direct materials Direct labor Variable overhead Variable selling and administrative expenses ololololo >> 240,000 880,000 240,000 140,000 1,500,000 2,100,000 Total variable costs Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative costs OOOO 800,000 400,000 Total foxed expenses Net income (loss) 1.200.000 $ 900,000 Required 2 > des not indicate completion. 16 G. JE MOGUE CATALUNYA LAGU HIYO administrative expenses b. The company's product cost of $25 per unit is computed as follows. 3 points Direct materials Direct labor Variable overhead Fixed overhead (5800,000 / 100,000 units) 33 per unit $11 per unit 53 per unit 58 per unit Required: 1. Prepare an income statement for the company under variable costing. 2. Fill in the blanks Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 2 Fill in the blanks The dolar difference in variable costing income and absorption costing income units fixed overhead ser unit.