Variable casting, Absorption costing During its first year of operations, Snobegon, Inc. (located in Lake Sobogon, Minnesots), produced 40,500 plastic show scoops Show scoops are oversed shovel types.coops that are used to push snow away. Une sales were 38, 300 scoops fixed overhead was applied at $0.70 per unit produced, Fixed perhand was underapplied by $2,500. This feed overhead varance was closed to cost of Goods sold. There was no variable overhead Variance. The results of the year's cerations are as follows con an absorpcon costing book) Sales (33,300 $20) 5766,000 1885. Cost of goods sold 548.160 Gross margin $217,840 Less: Selling and administrative expens (all foxed) 184,500 Operating come 539,340 Required: 1. Calculate the cost of the fema's ending went under absorption costing Hound unit cost to five decimal places. Round your final answer to the newest dolor What is the cost of the ending inventory under vanable costing? Round unit cost to five decimal places. Round your finanswer to the nearest 2. Prepare a variable costing income statement found the unit cost to live decimal places when required. Round your finaliswers to the nearest dofar Use the rounded values in subsequent computation Snobegon, Inc. Variable Costing Income Statement For the First Year of Operations e cost of the enging wwentory under variable costina? Round unit cost to five decimal places. Round your final answer to the nearest datar. 2. Prepare a variable-costing income statement. Round the unit cost to five decimal places, when required. Round your final answers to the nearest dollar Use the rounded values in subsequent computations. Snobegon, Inc. Variable Costing Income Statement For the First Year of Operations Contribution margin Less 001 Operating income What is the difference between the two income figures 1. Calculate the cost of the firm's ending inventory under ab What is the cost of the ending inventory under variable costing 2. Prepare a variable-costing income statement. Round the unit in subsequent computations. Snobegon, Inc. Variable-Costing Income Statement For the First Year of Operations Fixed overhead Fixed selling and administrative expenses Sales Variable cost of goods sold pero TTT What is the difference between the two income figures