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Royal Industries has one product. Information about the production and sales of that product for the past year follow. Click the icon to view the data.) The company had no beginning inventory Read the requirements Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing. Begin by preparing the income statement for the year using absorption costing. Royal Industries Income Statement (Absorption Costing) For the Year Ended Less: Less Now prepare the income statement for the year using variable costing. Royal Industries Contribution Margin Income Statement (Variable Costing) For the Year Ended Choose from any list or enter any number in the input fields and then continue to the next question. Royal Industries has one product. Information about the production and sales of that product for the past year follow. Click the icon to view the data.) The company had no beginning inventory. Read the requirements DIDED Now prepare the income statement for the year using variable costing. Royal Industries Contribution Margin Income Statement (Variable Costing) For the Year Ended Less: Loss: Use the statements you prepared to answer the following questions: Choose from any list or enter any number in the input fields and then continue to the next question Royal Industries has one product. Information about the production and sales of that product for the past year follow. (Click the icon to view the data.) The company had no beginning inventory Read the requirements Use the statements you prepared to answer the following questions: 1a. What is the product cost per unit using absorption costing? 1b. What is the product cost per unit using variable costing? 1c. What is the ending inventory balance using absorption costing? What is the ending inventory balance using variable costing? le. What is cost of goods sold using absorption costing? 1f. What is cost of goods sold using variable costing? 1g. What is operating income using absorption costing? 1h. What is operating income using variable costing? 1d. III||||| Requirement 2. What is the underlying reason for the difference in operating income between the two costing methods? costing generates a higher operating income. This is because under absorption costing. whereas variable costing Chance from any list or enter any number in the input fields and then continue to the next question. Requirement 2. What is the underlying reason for the difference in operating inco costing generates a higher operating income. This is because under w Absorption r enter any number in the input fields and then continu Variable all of the fixed manufacturing overhead is expensed as a period cost, all of the variable manufacturing overhead is expensed as a period cost, fixed manufacturing overhead becomes part of the product cost of each unit, ween the two costing me fixed operating expenses become part of the product cost of each unit, tion costing. whereas variable costing 1d. What is the ending inventory balance using variable costing? expenses all of the fixed manufacturing overhead as a period cost. expenses all of the variable manufacturing overhead as a period cost. the two costing methods includes the fixed manufacturing overhead as part of the product cost of each unit. osting. ble costing includes the fixed operating expenses as part of the product cost of each unit. Data Table - X ble - - - - - Selling price per unit $ 49.00 Direct material per unit $ 18.00 Direct labor per unit $ 6.00 Total annual manufacturing overhead $ 221,000 Fixed portion of annual manufacturing overhead . $ 187,000 Variable operating expenses per unit sold ...... $ 3.00 Fixed operating expenses per year in total 47,000 Units manufactured 17,000 13,000 Units sold ...... $ ... Print Done