Please do not give solution in image format thanku During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows:Year 2$ 1,586,000806,000780,000326,000454,000Sales (@$61 per unit)Cost of goods sold (@ $31 per unit)Gross marginSelling and administrative expenses*Net operating incomeYear 1$ 976,000496,000480,000296,000184,000$*$3 per unit variable; $248,000 fixed each year.The company's $31 unit product cost is computed as follows:Direct materialsDirect laborVariable manufacturing overheadFixed manufacturing overhead ($294,000+ 21,000 units)Absorption costing unit product costProduction and cost data for the first two years of operations are:$$59314$ 31 Production and cost data for the first two years of operations are:Units producedUnits soldYear 121,00016,000Required:1. Using variable costing, what is the unit product cost for both years?2. What is the variable costing net operating income in Year 1 and in Year 2?3. Reconcile the absorption costing and the variable costing net operating income figures for each year.Year 221,00026,000Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Using variable costing, what is the unit product cost for both years?Unit product costWhat is the variable costing net operating income in Year 1 and in Year 2? (Loss amounts should be indicated with a minussign.)Net operating income (loss)Year 1Reconcile the absorption costing and the variable costing net operating income figures for each year.Reconciliation of Variable Costing and Absorption Costing Net Operating IncomesYear 1Variable costing net operating income (loss)Absorption costing net operating incomeYear 2Year 2

Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 2 $ 1,586,000 806,000 780,000 326,000 454,000 Sales (@$61 per unit) Cost of goods sold (@ $31 per unit) Gross margin Selling and administrative expenses* Net operating income $ Direct materials Direct labor $ Year 1 976,000 496,000 480,000 296,000 184,000 *$3 per unit variable: $248,000 fixed each year. The company's $31 unit product cost is computed as follows: Variable manufacturing overhead Fixed manufacturing overhead ($294,000+ 21,000 units) Absorption costing unit product cost Production and cost data for the first two years of operations are: $ $5 9 3 14 $ 31

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 2 $ 1,586,000 806,000 780,000 326,000 454,000 Sales (@$61 per unit) Cost of goods sold (@ $31 per unit) Gross margin Selling and administrative expenses* Net operating income $ Direct materials Direct labor $ Year 1 976,000 496,000 480,000 296,000 184,000 *$3 per unit variable: $248,000 fixed each year. The company's $31 unit product cost is computed as follows: Variable manufacturing overhead Fixed manufacturing overhead ($294,000+ 21,000 units) Absorption costing unit product cost Production and cost data for the first two years of operations are: $ $5 9 3 14 $ 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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