1. The unit product cost under absorption costing is closest to:
2. The unit product cost under variable costing is closest to:
3. The net operating income (loss) under absorption costing is closest to:
4. The net operating income (loss) under variable costing is closest to:
5. Which of the following statements is true?
   1. The amount of fixed manufacturing overhead released from inventories is $30,000
   2. The amount of fixed manufacturing overhead released from inventories is $248,000
   3. The amount of fixed manufacturing overhead deferred in inventories is $30,000
   4. The amount of fixed manufacturing overhead deferred in inventories is $248,000

Wolanski Corporation has provided the following data for its most recent year of operations: Selling price per unit $48 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials $11 Direct labor $5 Variable manufacturing overhead $5 Fixed manufacturing overhead per year $110,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold $4 Fixed selling and administrative expense per year $71,000 Units in beginning inventory Units produced during the year 0 11,000 8,000 3,000 Units sold during the year Units in ending inventory