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Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Inventories Year 1 Year 2 Year 3 Beginning (units) 210 199 Ending (units) 160 190 240 Variable costing net operating income $290,000 $279,000 $250,000 160 The company's fixed manufacturing overhead per unit was constant at $400 for all three years. 1 It Exercise 7-3 Part 1 ences Required: 1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Year 3 Variable costing net operating incomo Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Absorption costing net operating income