Variable and Absorption Costing - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A A . AAlignment Number Conditional Format as Cel Cells Paste Clipboard r A1 Formatting Table Styles- Font Styles VXfAddison, Inc. makes a single product, an indoor fireplace. Data for last year is as v 1 Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows: 3 Selling price per fireplace $420 Manufacturing costs: 5 Variable per unit produced: 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 9 Fixed manufacturing overhead per year 10 Selling and administrative expenses: $135 $43 $37 $210,000 $45 S190,000 Variable per unit sold 2 Fixed per year 13 14 Units in beginning inventory 5 Units produced during the year 16 Units sold during the year 17 18 Use the data to answer the following 19 5,000 4,500 201. Assume the company uses variable costing: 21 22 Compute the unit product cost for one fireplace 23 24 Prepare a contribution margin income statement for the year 25 26 Sales 7 Variable expenses: 28 Variable cost of goods sold 29 Variable selling and administrative expenses 0 Contribution margin 31 Fixed expenses 32 Fixed manufacturing overhead 33 Fixed selling and administrative expenses 34 Net operating income 35 36 Compute the number of fireplaces required to breakeven 37 38 2. Assume the company uses absorption costing: 39 0 Compute the unit product cost for one fireplace 41 42 Prepare an income statement for the year 43 44 Sales 5 Cost of goods sold 6 Gross margin 47 Selling and administrative expenses 48 Net operating income 49 Sheet1 READY + 10% Attempt(s)