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The Dorset Corporation produces and sells a single product. The following data refer to the year just completed lleginning inventory Units produced Units sold Selling

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The Dorset Corporation produces and sells a single product. The following data refer to the year just completed lleginning inventory Units produced Units sold Selling price per unst Selling and adninistrative expenses Variable per unit Fixed per year Manufacturing costs: Direct materials cost per unit Direct Labor cost per unit Variable manufacturing overhead cost per unit Fixed sanufacturing overhead per year 34,000 25,980 1 482 $16 $362.688 $ 5 56 $ 34 $578,000 Assume that direct labor is a variable cost Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches b. Prepare an income statement for the year using absorption costing, c. Prepare an income statement for the year using variable costing d. Reconcile the absorption costing and variable costing net operating income figures in f) and (c) above. Complete this question by entering your answers in the tabs below. Recured Iegured Required Required Prepare an income statement for the year using variable costing- Variable Cognome Statement Variable expenses O 0 0 The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: @ 34,000 25,900 482 Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses : Variable per unit Fixed per year Manufacturing costs! Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year 16 $ $362,600 $ 240 $ 56 $ 34 $578,000 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Required A Required B Required Required Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Reconciliation of Variable Costing and Absorption Cosung Net Operating Incomes Net operating income (loss) under variable costing Net operating income foss) under absorption costing

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