Polar Industries manufactures a commerical size refrigerator for restaurants and commercial kitchens. The commercial refrigerators are old for $920. Selected data for the company's operations last year follow: 0 275 260 15 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per uniti Direct materials Direct labor Variable manufacturing over hend Variable selling and administrative Fixed costs Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 110 320 40 15 $ 77,000 $ 33,000 The absorption costing income statement prepared by the company's accountant for last year appears below. Sales Cost of goods sold Gross margin Selling and administrative expense Bet operating income $ 239,200 195,000 44,200 36.900 5 7,300 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. What is the amount of the difference in net operating income between the two costing methods? Complete this question by entering your answers in the tabs below. Reg! Reg 2 Reg 28 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's Inventory at the end of last year? Fixed manufacturing overhead coat included in inventory Fixed costs: Pixed manufacturing overhead Pixed selling and administrative $ 77,000 $ 33,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales cost of goods sold Gross margin Selling and administrative expense Het operating income $ 239,200 195,000 44,200 36,900 $ 7,300 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's Inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. What is the amount of the difference in net operating income between the two costing methods? Complete this question by entering your answers in the tabs below. Rea 1 Reg 2A Reg 28 Prepare an income statement for last year using variable costing. Polar Industries Variable Costing Income Statement polar Industries manufactures a commerical size refrigerator for restaurants and commercial kitchens. The commercial refrigerators are old for $920. Selected data for the company's operations last year follow: o 275 260 15 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs Fixed manufacturing overhead Tixed selling and adninistrative 5 5 $ $ 110 320 40 15 $ 77,000 $ 33,000 The absorption costing Income statement prepared by the company's accountant for last year appears below: Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 239,200 195,000 44,200 36,900 $ 7.300 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. What is the amount of the difference in net operating income between the two costing methods? Complete this question by entering your answers in the tabs below. Red 1 Reg 2A Reg 26 What is the amount of the difference in net operating income between the two costing methods? Amount of the difference in net operating income
