The following information applies to the questions displayed below] Lehighton Chalk Company an actual costing system, which means that the actual costs of direct material, direct labor, and manufacturing overhead sidewalk chalk, which it sells online by the box at $24 per unit Lehighton uses are entered into inventory. The actual application rate for manufacturing overhead is computed each year, actual manufacturing overhead is divided by actual production (in units) to compute the application rate. Information for Lehighton's first two years of operation is as follows: art 1 of 2 Sales (in units) Production (in units) Production costs: 2,780 2,100 3,380 $13,200 8,480 16,5e0 16,580 Fixed sanufacturing overhead Selling and administrative costs: 18,800 10,880 9,800 9,880 Fixed Selected information from Lehighton's year-end balance sheets for its first two years of operation is as follows: Based on absorption Finished-goods inventory end of Year 1End of v 5,400 14,400 Based on variable costing Finished-goods inventory Retained earnings End of Year 1 s 2,400 11,480 25,600 End of Year 2 25,600 References 1. Reconcile Lehighton's operating income reported under absorption and variable costing. during each year, by comparing the following two amounts on each income statement . Cost of goods sold .Fixed cost (expensed as a period expense) 2 What was Lehighton's total operating income across both years under absorption costing and under variable costing? 3. What was the total sales revenue across both years under absorption costing and under variable costing? 4. What was the total of all costs expensed on the operating income statements across both years under absorption costing and under variable costing? Cost of goods sold . Fixed cost (expensed as a period expense) 2 What was s total operating income across both years under absorption costing and under variable costing? 2 3. What was the total sales revenue across both years under absorption costing and under variable costing? 4, what was the total of a costs expensed on the operating income statements across both years under absorption costing and under (3)] (a) under absorption costing and (b) under variable costing . Fixed cost ( as a 11,400 Required: to 2 1. Reconcile Lehighton's operating income reported under absorption and variable costing, during each year, by comparing the following two amounts on each income statement Cost of goods sold . Fixed cost (expensed as a period expense) 2 What was Lehighton's total operating income across both years under absorption costing and under variable costing? 3. What was the total sales revenue across both years under absorption costing and under variable costing? 4. What was the total of all costs expensed on the operating income statements across both years under absorption costing and under 5. S variable costing? I costs expensed across both years (requirement (4)] from the total sales across both years [requirement (3)E (a) under absorption costing and (b) under variable costing. 6. Considering the results obtained in requirements 1-5 above, select which of the following statements (is) are true by selecting an "X Complete this question by entering your answers in the tabs below. References What was Lehighton's total o Required 1 Required 3 t 1 of 2 Lehighton's operating income reported under absorption and variable costing, during each year, by comparing the following two amounts on each income statement Cost of goods sold Fixed cost (expensed as a period expense) 2. What was Lehighton's total operating income across both years under absorption costing and under variable costing? 3. What was the total sales revenue across both years under absorption costing and under variable costing? 4. What was the total of all costs expensed on the operating income statements across both years under absorption costing and under variable costing? 5. Subtract the total costs expensed across both years [requirement (4)] from the total sales revenue across both years [requirement 6. Considering the results obtained in requirements 1-5 above, select which of the following statements (is) are true by selecting an "X (3)] (a) under absorption costing and (b) under variable costing. Complete this question by entering your answers in the tabs below. eferences What was the total sales revenue across both years under absorption costing and under variable costing? Required: 1 of 2 following two amounts on each income statement . Cost of goods sold Fixed cost (expensed as a period expense) s total operating income across both years under absorption costing and under variable costing? 4. What was the total of all costs expensed on the operating income statements across both years under absorption costing and under 1-5 above, select which of the following statements (is) are true by selecting an "X Required: income of 2 following two amounts on each income statement . Cost of goods sold Fixed cost (expensed as a period expense) 2 What was Lehighton's total operating income across both years under absorption costing and under variable costing? 4. What was the total of all costs expensed on the operating income statements across both years under absorption costing and under 6 Cost of goods sold 1 of 2 3. What was the total sales revenue across both years under absorption costing and under variable costing? 4. What was the total of all costs expensed on the operating income statements across both years under absorption costing and under (3)]: (a) under a costing. (is) are true by an "x" ed