The Moreno Corporation began business on January 1, 20X0, to produce and sell a single product. Reported operating income figures under both absorption and variable costing for the first 4 years of operation are as follows: (Click the icon to view the data table for the first 4 years.) Standard production costs per unit, sales prices, application (absorption) rates, and expected volume levels were the same in each year. There were no flexible-budget variances for any type of cost. All nonmanufacturing expenses were fixed, and there were no nonmanufacturing cost variances in any year. Read the requirements. Data table Requirement 1. In what ye Variable-costing operating i sold, as in evel Year Absorption Costing Variable Costing 20X0 $ 75,000 $ 70,000 20X1 65,000 65,000 20X2 60,000 45,000 20X3 40,000 60,000 Print Done Requirements 1. In what year(s) did "units produced" equal "units sold"? 2. In what year(s) did "units produced" exceed "units sold"? 3. What is the dollar amount of the December 31, 20X3, finished-goods inventory? (Give absorption-costing value.) 4. What is the difference between "units produced" and "units sold" in 20X3, if you know that the absorption-costing fixed-manufacturing overhead application rate is $4 per unit? (Give answer in units.) Print Done - X vel implies that units produced equals units