Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operation:

Variable costs per unit:

Manufacturing:

Direct materials $25

Direct labor $15

Variable manufacturing $5 overhead

Variable selling and $2 administrative

Fixed costs per year:

Fixed manufacturing overhead $250,000 Fixed selling and administrative expense $80,000

During its first year of operation, 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 $60 per unit.

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Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operation: Variable costs per unit: Manufacturing: Direct materials $25 Direct labor $15 Variable manufacturing overhead $5 Variable selling and administrative $2 Fixed costs per year: Fixed manufacturing overhead $250,000 Fixed selling and administrative expense $80,000 During its first year of operation, 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 $60 per unit. Information P Flag question 1A. Assume the company uses variable costing, compute the unit product cost for year 1 and year 2. Question 1 Not complete Marked out of 1.00 P Flag question Unit product cost Year 1 Answer: Check Question 2 Not complete Marked out of 1.00 P Flag question Unit product cost year 2 Answer: Check Question 3 Not yet answered Marked out of 1.00 P Flag question 1B. Prepare and income statement for Year 1 and Year 2. Question 4 Not complete Marked out of 1.00 P Flag question Sales year 1 Answer: Check Question 5 Not complete Marked out of 1.00 P Flag question Sales year 2 Answer: Check Question 6 Not complete Marked out of 2.00 P Flag question Contribution margin year 1 Answer: Check Question 7 Not complete Marked out of 2.00 P Flag question Contribution margin year 2 Answer: Check Question 8 Not complete Marked out of 1.00 P Flag question Net operating income (loss) year 1 Answer: Check Question 9 Not complete Marked out of 1.00 P Flag question Net operating income (loss) year 2 Answer: Check Information Flag question 2A. Assume the company uses absorption costing compute the unit product cost for year 1 and year 2. Question 10 Not complete Marked out of 1.00 P Flag question Unit product cost year 1 Answer: Check Question 11 Not complete Marked out of 1.00 P Flag question Unit product cost yer 2 Answer: Check Question 12 Not yet answered Marked out of 1.00 P Flag question 2B. Prepare and income statement for year 1 and year 2. Question 13 Not complete Marked out of 1.00 P Flag question Cost of Goods Sold year 1 Answer: Check Question 14 Not complete Marked out of 1.00 P Flag question Cost of Goods Sold year 2 Answer: Check Question 15 Not complete Marked out of 1.00 P Flag question Net Operating income year 1 Answer: Check Question 16 Not complete Marked out of 1.00 P Flag question Net Operating income year 2 Answer: Check Question 17 Not yet answered Marked out of 2.00 P Flag question 3. Explain the difference between variable costing and absorption costing net income in year 1. Also, explain why the two net incomes differ in year 2. Prepare a reconciliation. Question 18 Not complete Marked out of 1.00 P Flag question Manufacturing overhead deferred and released from inventory. (absolute value only) Answer: Check