TO SAVE YOUR WORK Cost and revenue data concerning Torcrop Corporation's operations Rest two years spent hele $140 5 5 Selling price per unit Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative 7 8 $50 20 8 16 9 $441,000 150,000 10 Fixed costs in total: 11 Fixed manufacturing overhead 12 Fixed selling and administrative 13 14 Data regarding units produced and sold for the first two years follow: 15 Year 1 Year 2 6 0 21,000 18,000 3,000 3,000 20,000 21,200 1,800 Units in beginning inventory Units produced Units sold Units in ending inventory 3 Note: Some green and blue highlighted areas may not need to be used. Required: Determine the unit product cost under absorption costing and variable costing for Year 1 and Year 2. (6 marks) Absorption Costing Variable Costin Venet V... HET ME YOUR WORK 1 Determine the unit product cost under absorption costing and variable conting for Year 1 Thu 2.1) Absorption Cong Yes 2 SO 31 32 33 34 35 Unit product cost 36 Prepare, in good form, operating Income statements for Torcrop Corporation for Year 2 only using a) Absorption Costing. (6 marks) Supporting cleans 37 2. 38 39 40 1 2 3 3 . Operating income (loss) IT IS VivoBook b) Variable Costing (5 marts 56 57 59 60 61 62 Operating Income (loss) 63 3. Reconcile Torcrop Corporation's operating income reported under absorption and variable costing forYear 2 only. Be spedie 64 about where the difference in operating income comes from. (3 marks) Supper 65 66 Variable costing operating income (loss) 67 68 69 70 71 72 73 Absorption costing operating income (loss) New ASUS VivoBook I ACVC - 4