Varlable cositing \& Analysis On Your Own *2 ef ourmet fonife sets, produced 20,000 sets and sold 23,000 units during the CPirect year. Beginaing inveatory under absorption costing consisted or 3,000 unis valued fixed overbead, manufacturing costs have remained constant over the 2 -year pertod. Compote net income under variable costing. At yearend, the company reported the following income statement usting absorption costing: Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. Production costs per unit total $14, which consists of $12.90 in variable production costs and $1.10 in fixed production costs (based on the 20,000 units produced). All selling and administrative expenses are fixed. Compute net income under variable costing. At year-end, the company reported the following income statement using absorption costing. Andiale costing. Varlable Costing \& Analysis On Your Own #2 Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginning inventory under absorption costing consisted of 3,000 units valued at $66,000 (Direct materials $12 per unit; Direct labor, $3 per unit; Variable Overthead, $2 per unit, and Fixed overhead, $5 per unit). Fixed overhead per unit is based on normal production of 20,000 units per reporting period. All manufacturing costs have remained constant over the 2 -year period. Compute net income under variable costing. At year-end, the company reported the following income statement using absorption costing: DL3DM12VOH25 Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. Production costs per unit total $14, which consists of $12.90 in variable production costs and $1.10 in fixed production costs (based on the 20,000 units produced). All selling and administrative expenses are fixed. Compute net income under variable costing. At year-end, the company reported the following income statement using absorption costing