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Required information Exercise 7-3 Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7-3] The following information applies to the questions displayed belowj Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Year 1 Year 2 Year 3 Inventories Beginning (units) Ending (units) 210 170 $290,000 170 200 $269,000 200 240 $260,000 Variable costing net operating income The company's fixed manufacturing overhead per unit was constant at $400 for all three years. Exercise 7-3 Part 1 Required 1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Year 3 Variable costing net operating income Add (deduct) fixed m in (released from) inventory under absorption costing Absorption costing net operating income overhead deferred