Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit: 20 points Manufacturing: Direct materials 26 10 Direct labor Skipped Variable manufacturing overhead Variable selling and administrative Pixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $320,000 $50,000 eBook During its first year of operations,Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $51 per unit. Hint Required 1. Assume the company uses variable costing a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2. 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2. Ask Print 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. References Complete this question by entering your answers in the tabs belovw Req 1A Req 1B Req 2A Req 2B Req 3 Assume the company uses variable costing. Compute the unit product cost for year 1 and year 2 Year 1 Year 2 Unit product cost 3 b. Prepare an income statement for Year 1 and Year2 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. 20 points Complete this question by entering your answers in the tabs below Skipped Req 1A Req 1B Req 2A Req 2B Req 3 eBook Assume the company uses variable costing. Prepare an income statement for Year 1 and Year 2 Walsh Company Income Statement Hint Year 1 Year 2 Print References 0 Net operating income (loss) Req 1A Req 2A Direct materials 26 10 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $320,000 $ 50,000 20 points Skipped During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $51 per unit. Required: 1. Assume the company uses variable costing a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and absorption costing net operating income in Year. eBook Hint Ask Complete this question by entering your answers in the tabs below Print Req 1A Req 1B Req 2A Req 2B Req 3 References Assume the company uses absorption costing. Compute the unit product cost for Year 1 and Year 2. (Round your answer to 2 decimal places.) Year 1 Year 2 Unit product cost K Req 1B Req 2B > 3 1. Assume the company uses variable costing a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. 20 points Skipped Complete this question by entering your answers in the tabs below eBook Req 1A Req 1B Req 2A Req 2B Req 3 Assume the company uses absorption costing. Prepare an income statement for Year 1 and Year 2. (Round your intermediate calculations to 2 decimal places.) Hint Walsh Company Income Statement Ask Year 1 Year 2 Print References Req2A Req 3 Variable costs per unit: Manufacturing: Direct materials 26 10 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: 20 points Fixed manufacturing overhead Fixed selling and administrative expenses $320,000 $ 50,000 Skipped During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $51 per unit. Required: 1. Assume the company uses variable costing a. Compute the unit product cost for Year 1 and Year 2. eBook b. Prepare an income statement for Year 1 and Year 2 2. Assume the company uses absorption costing a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1and Year 2 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1. Hint Ask Complete this question by entering your answers in the tabs below Print Req 1A Req 1B Req 2A Req 2B Req 3 References Reconcile the difference between variable costing and absorption costing net operating income in Year 1. (Enter any losses or deductions as a negative value.) Year 1 Year 2 Variable costing net operating income (loss) Absorption costing net operating income (loss) K Req 2B Req 3X