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Problem 1 (20 points). Grape Corporation manufactures telephones. The attached data for the company are available for 20X7. In addition, cost data per unit is also attached for 20X7. The fixed manufacturing overhead per unit was determined based on a budgeted normal capacity of 25,000 units. In addition, fixed selling and administration costs were $190,000. The company had the same costs in 20X6 as they did in 20X7. All over- or underapplied manufacturing overhead is considered insignificant and is charged to Cost of Goods Sold. REQUIRED: (1) Using the attached form, prepare an income statement, in proper form, using full absorption costing, for the year 20X7. Using the attached form, prepare an income statement, in proper form, using variable costing, for the year 20X7. (2) $ 170 GRAPE CORPORATION DATA FOR PRODUCTION AND SALES FOR YEAR 20X7 Selling price per unit Number of units sold Number of units produced Beginning inventory (units) 20,000 25.000 10,000 GRAPE CORPORATION UNIT COST DATA FOR YEAR 20X7 Direct material S 20.00 Direct labor 60.00 20.00 Variable manufacturing overhead Fixed manufacturing overhead Variable sales commission 30.00 20.00 (1) GRAPE CORPORATION INCOME STATEMENT--FULL ABSORPTION COSTING FOR YEAR 20X7 Sales Revenue $ Cost of Goods Sold: $ Beginning Inventory Add Cost of Goods Manufactured: Total Cost of Goods Manufactured Cost of Goods Available For Sale Less: Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses: Total Operating Expenses Operating Income (2) GRAPE CORPORATION INCOME STATEMENT VARIABLE COSTING FOR YEAR 20X7 Sales Revenue $ Variable Cost of Goods Sold: $ Beginning Inventory Add Variable Cost of Goods Manufactured: Total Cost of Goods Manufactured Cost of Goods Available For Sale Less: Ending Inventory Variable Cost of Goods Sold Manufacturing Margin Other Variable Expenses: 4/4 Total Other Variable Expenses Contribution Margin Fixed Expenses: Total Fixed Expenses Operating Income