Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations $ 15 Variable costs per unit Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year. Tixed manufacturing overhead Fixed selling and administrative expenses 26 11 5 4 $ $320.000 $ 90,000 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 $52 per unit. Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Yoor 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 obsorption costing net operating income in Year 1. Complete this question by entering your answers in the tabu below. Reg 1A Reg 18 Req 2A Reg 2B Reg 3 Reconcile the difference between variable costing and absorption costing net operating income in Year 1. (Enter any losses or During its first year of operations, Walsh produced 50,000 units a produced 40,000 units and sold 50,000 units. The selling price o Required: 1. Assune 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 absorpt Complete this question by entering your answers in the tab Req 1A Req 1B Req 2A Req 2B Req 3 Assume the company uses variable costing. Compute the unit prod Year 1 Year 2 Unit product cost Req 1A Req 1B Req 2A Req 2B Req3 Assume the company uses variable costing. Prepare an income statement for Yea Walsh Company Income Statement Year 1 Year 2 0 0 0 0 0 0 Net operating income (loss) $ $ 0 $ 0 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 abs Complete this question by entering your answers in the Req 1A Req 1B Req 2A Req 2B RE Assume the company uses absorption costing. Compute the un decimal places.) Year 1 Year 2 Unit product cost 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 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req3 Assume the company uses absorption costing. Prepare an income statement f calculations to 2 decimal places.) Walsh Company Income Statement Year 1 Year 2 Net operating income (loss) $ 0 $ 0 produced 40,000 units and sold 50,000 units. The selling price of the company's product is $52 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 1. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2A Reg 2B Reg 3 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) Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Absorption costing net operating income (oss)