Please show how you would enter the answers as excel functions.

Variable and Absorption Costing using Excel's SUM and Basic Math Functions [L01, L02] Addison, Inc. makes a single product, an indoor fireplace, and has provided data from last year of operations. The Controller has asked you to compare income statements if the company used the variable costing approach vs. the absorption costing report. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. A B C 1 Addison, Inc. makes a sinle roduct, an indoor re u ace. Data for last year is as follows: 2 3 Selling price per replace $420 4 Manufacturing costs: 5 Variable per unit produced: 6 Direct materials $135 7 Direct labor $43 8 Variable manufacturing overhead $37 9 Fixed manufacturing overhead per year $210,000 10 Selling and administrative expenses: 11 Variable per unit sold $45 12 Fixed per year $190,000 13 14 Units in beginning inventory 0 15 Units produced during the year 5,000 16 Units sold during the year 4,500 17 18 Use the data to answer the following. 19 20 1. Assume the company uses variable costing: 21 22 Compute the unit product cost for one replace 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 A Prepare a contribution margin income statement for the year Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income Compute the number of replaces required to breakeven 2. Assume the company uses absorption costing: Compute the unit product cost for one replace Prepare an income statement for the year Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income B