re Help Save AE Variable and Absorption Costing using Excel's SUM and Basic Math Functions Adon, the makes a single product on indoor fireplace, and has provided data from last year of operation The Controller has asked to compare income statements of the company used the variable costing approach is the absorption costing report Use the information included in the Excel Simulation and the Excel tinctions described below to complete the task . Cell Reference: Allows you to refer to data from another cell in the worksheet from the Excel Simulation below, in a blank call 013 was entered the formule would output the result from cell 3 or 420 in this example Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys (plus sign to add minus son to subtract fastenik sign to multiply and forward slosh to divide from the Excel Simulation below, if in a tank cell-115 316 was entered the formule would add the values from those cells and output the result of 9.500 in this example using the other math symbols the result would output an appropriate answer for its function . SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cel-SUMB6, B2B8Y" was entered the formula would output the result of adding those three separate cells, or 215 in this example. Similarly in a blank cell SUMB6 B8) was entered the formula would output the samo result of adding those cells, except they are expressed as a range in the formula and the result would be 215 in this example Q5 Variable and Absorption Coming-Bicol FORMULAS DATA REVIEW ? TILE HOME INSERT PAGE LAYOUT VIEW Sign La X Calih AA 96 . M BLUE Cells Eng Ciboard Angnment Number Conditional Formatas Cell Formatting Table Stvies - Svies font Paste Font v D E FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in X Calibri -13 A M BIU- Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles - Clipboard Styles A1 f Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as + Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows: 2 3 Selling price per fireplace $420 4 Manufacturing costs: 5 Variable per unit produced: 6 Direct materials $135 7 Direct labor $43 8 Variable manufacturing overhead $37 9 Fixed manufacturing overhead per year $210,000 10 Selling and administrative expenses: 11 Variable per unit sold $45 12 Fixed per year $190,000 13 14 Units in beginning inventory 0 15 Units produced during the year 5,000 16 Units sold during the year 4,500 17 18 Use the data to answer the following B D E 24 Prepare a contribution margin income statement for the year 25 26 Sales 27 Variable expenses: 28 Variable cost of goods sold 29 Variable selling and administrative expenses 30 Contribution margin 31 Fixed expenses: 32 Fixed manufacturing overhead 33 Fixed selling and administrative expenses 34 Net operating income 35 36 Compute the number of fireplaces required to breakeven 37 38 2. Assume the company uses absorption costing: 39 40 Compute the unit product cost for one fireplace 41 42 Prepare an income statement for the year 43 44 Sales 45 Cost of goods sold 46 Gross margin 47 Selling and administrative expenses 48 Net operating income Sheet1 EN + 100% READY