Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.

I have attached excel sheet . everything that is hightlighted need to be corrected please

Exercise 19-17 Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs. Variable Cost per Unit Direct materials $8.18 Direct labor $2.67 Variable manufacturing overhead $6.27 Variable selling and administrative expenses $4.25 Fixed Costs per Year Fixed manufacturing overhead $255,819 Fixed selling and administrative expenses $261.709 Polk Company sells the fishing lures for $27.25. During 2012, the company sold 80,200 lures and produced 95,100 lures. (a) Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Manufacturing cost per unit $ (b) $ $ $ $ 8.18 2.67 6.27 17.12 Prepare a variable costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Variable Costing Sales Direct Materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Contribution Margin Fixed manufacturing overhead Fixed selling and administrative expenses Net Loss (c) $ 2,060,000 654,400 213,600 501,600 321,600 $ $ $ 239,552 $ 247,303 $ $ (1,691,200) 368,800 $ $ $ $ Assuming the company uses absorption costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Manufacturing cost per unit $ (d) (486,855) (118,055) $ $ $ $ $ 7.73 2.52 5.92 2.54 18.71 Prepare an absorption costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Absorption Costing Sales Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Gross Profit Variable selling and administrative expenses Fixed selling and administrative expenses Net Loss $ 2,060,000 618,400 201,600 473,600 239,552 $ $ $ 321,600 $ 247,303 $ $ (1,533,152) 526,848 $ $ $ $ (568,903) (42,055) Exercise 19-17 Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs. Variable Cost per Unit Direct materials $8.18 Direct labor $2.67 Variable manufacturing overhead $6.27 Variable selling and administrative expenses $4.25 Fixed Costs per Year Fixed manufacturing overhead $255,819 Fixed selling and administrative expenses $261.709 Polk Company sells the fishing lures for $27.25. During 2012, the company sold 80,200 lures and produced 95,100 lures. (a) Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Manufacturing cost per unit $ (b) $ $ $ $ 8.18 2.67 6.27 17.12 Prepare a variable costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Variable Costing Sales Direct Materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Contribution Margin Fixed manufacturing overhead Fixed selling and administrative expenses Net Loss (c) $ 2,060,000 654,400 213,600 501,600 321,600 $ $ $ 239,552 $ 247,303 $ $ (1,691,200) 368,800 $ $ $ $ Assuming the company uses absorption costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Manufacturing cost per unit $ (d) (486,855) (118,055) $ $ $ $ $ 7.73 2.52 5.92 2.54 18.71 Prepare an absorption costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Absorption Costing Sales Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Gross Profit Variable selling and administrative expenses Fixed selling and administrative expenses Net Loss $ 2,060,000 618,400 201,600 473,600 239,552 $ $ $ 321,600 $ 247,303 $ $ (1,533,152) 526,848 $ $ $ $ (568,903) (42,055) Polk Company sells the fishing lures for $27.25. During 2012, the company sold 80,200 lures and produced 95,100 lures. (a) Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Manufacturing cost per unit $ (b) $ 8.18 $ 2.67 $ 6.27 $ 17.12 Prepare a variable costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Variable Costing Sales Direct Materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Contribution Margin Fixed manufacturing overhead Fixed selling and administrative expenses Net Loss (c) $ 2,185,450 $ 656,036 $ 214,134 $ 502,854 $ 340,850 $ (1,713,874) $ 471,576 $ 255,819 $ 261,709 $ (517,528) $ (45,952) Assuming the company uses absorption costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Manufacturing cost per unit $ $ 8.18 $ 2.67 $ 6.27 $ 2.69 $ 19.81 (d) Prepare an absorption costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Absorption Costing Sales Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Gross Profit Variable selling and administrative expenses Fixed selling and administrative expenses Net Loss $ 2,185,450 $ 656,036 $ 214,134 $ 502,854 $ 215,738 $ (1,588,762) $ 596,688 $ 340,850 $ 261,709 $ (602,559) $ (5,871) \fSales Cost of goods sold Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net loss $ 2,185,450 $ (1,588,762) $ 596,688 $ 340,850 $ 261,709 $ (602,559) $ (5,871) Polk Company sells the fishing lures for $27.25. During 2012, the company sold 80,200 lures and produced 95,100 lures. (a) Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Manufacturing cost per unit $ (b) $ 8.18 $ 2.67 $ 6.27 $ 17.12 Prepare a variable costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Variable Costing Sales Direct Materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Contribution Margin Fixed manufacturing overhead Fixed selling and administrative expenses Net Loss (c) $ 2,185,450 $ 656,036 $ 214,134 $ 502,854 $ 340,850 $ (1,713,874) $ 471,576 $ 255,819 $ 261,709 $ (517,528) $ (45,952) Assuming the company uses absorption costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.) Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Manufacturing cost per unit $ $ 8.18 $ 2.67 $ 6.27 $ 2.69 $ 19.81 (d) Prepare an absorption costing income statement for 2012. POLK COMPANY Income Statement For the Year Ended December 31, 2012 Absorption Costing Sales Direct Materials Direct labour Variable manufacturing overhead Fixed manufacturing overhead Gross Profit Variable selling and administrative expenses Fixed selling and administrative expenses Net Loss $ 2,185,450 $ 656,036 $ 214,134 $ 502,854 $ 215,738 $ (1,588,762) $ 596,688 $ 340,850 $ 261,709 $ (602,559) $ (5,871) \fSales Cost of goods sold Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net loss $ 2,185,450 $ (1,588,762) $ 596,688 $ 340,850 $ 261,709 $ (602,559) $ (5,871)