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Information taken from Tuscarora Paper Company's records for the most recent year is as follows: Direct material used Direct labor Variable manufacturing overhead Fred manufacturing overhead Variable selling and administrative costs Reed seling and administrative costs 5290,000 100,000 50,000 80,000 40,000 20,000 Required: 1. Assuming Tuscarora Paper Company uses variable costing, compute the inventoriable conts for the year. 2. Compute the year's inventoriable costs using absorption costing, Skinny Dippers, Inc. produces nonfat frozen yogurt. The product is sold in five-gallon containers, which have the following price and variable costs. Sales price Direct material Direct labor Variable overhead 515 5 2 3 Budgeted fixed overhead in 20x1, the company's first year of operations, was $300,000. Actual produc- tion was 150.000 five-gallon containers, of which 125,000 were sold. Skinny Dippers, Inc. incurred the following selling and administrative expenses. Pred Variable $50,000 for the year Si per container sold Required: 1. Compute the product cost per container of frozen yogurt under (a) variable costing and (b) absorp- tion costing. 2. Prepare operating income statements for 20x 1 using (a) absorption costing and (b) variable costing. 3. Reconcile the operating income reported under the two methods by listing the two key places where the income statements differ. 4. Reconcile the operating income reported under the two methods using the shortcut method