QUESTION 14 Use the following information to answer the next 4 questions: Lily has the following information concerning production this period. 0 4000 3000 1000 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 Fixed selling and administrative 10 5 80000 20000 Would Lily's net income be higher using absorption costing or variable costing? Absorption Variable QUESTION 15 Use the following information to answer the next 3 questions: Lily has the following information concerning production this period. Units in beginning inventory 0 Units produced 4000 Units sold 3000 Units in ending inventory 1000 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative 2 Fixed costs: Fixed manufacturing overhead 80000 Fixed selling and administrative 20000 Using VARIABLE costing, please calculate the product cost per unit (again, don't use a dollar sign). 10 5 3 QUESTION 16 Use the following information to answer the next 8 questions: Lily has the following information concerning production this period. Units in beginning inventory 0 Units produced 4000 Units sold 3000 Units in ending inventory 1000 Variable costs per unit: Direct materials 10 Direct labor Variable manufacturing overhead 3 Variable selling and administrative Fixed costs: Fixed manufacturing overhead 80000 Fixed selling and administrative 20000 Using variable costing, please calculate the cost of goods sold expense for the period (again, don't use a dollar sign)