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$ Sales @ $62 per unit) Cost of goods sold (@ $44 per unit) Gross margin Selling and administrative expenses* Net operating income Year 1 992,000 704,000 288,000 301,000 - 13,000 Year 2 $ 1,612,000 1, 144,000 468,000 331,000 $ 137,000 *$3 per unit variable; $253,000 fixed each year. The company's $44 unit product cost is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($378,000 + 21,000 units) Absorption costing unit product cost 13 5 18 $ 44 Production and cost data for the first two years of operations are: Units produced Units sold Year 1 21,000 16,000 Year 2 21,000 26,000 The company's $44 unit product cost is computed as follows: $ Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($378,000 + 21,000 units) Absorption costing unit product cost 8 13 5 18 $ 44 Production and cost data for the first two years of operations are: Units produced Units sold Year 1 21,000 16,000 Year 2 21,000 26,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year