Your Company had the following results for the first three years of operations Year 1 Units Sold 16 units Year 2 33 units Selling price per unit $10.00 Units Produced 20 units $11.00 30 units Year 3 38 units $12.00 40 units Total Product Costs Material Used $25.00 $42.00 $60.00 Direct Labor $30.00 $48.00 $80.00 Variable Overhead $5.00 $9.00 $16.00 Fixed Overhead $60.00 $60.00 $64.00 1. Based on the information above, calculate Beginning Inventory of Finished Goods for Year 2 using ABSORPTION costing and FIFO inventory. Show and label your work. (2 points) 2. Based on the information above, calculate Ending Inventory of Finished Goods for Year 2 using VARIABLE costing and FIFO inventory. Show and label your work. (2 points) 3. Based on the information above, calculate VARIABLE Cost of Goods Manufactured for Year 3. Show and label your work. (1 point) 4. Based on the information above, calculate Contribution Margin from Production in Year 1 using VARIABLE costing and FIFO inventory. Show and label your work. (2 points) 5. What causes Income Before Tax using Absorption costing to be higher than Income Before Tax using variable costing? (1 point) 6. If variable selling expenses were $2.00 per unit for your company, how much would the total variable selling expenses be in year 3 above? (1 point) 7. Is the absorption method income statement or the variable method income statement used for EXTERNAL reporting? (1 point)