1 Variable Costing IN Using Excel for Variable Costing 4 Tiger Mountain Gelato incurs the following costs for its premium ice cream in May 2024: 5 Direct materials cost per pint is $8.75 per pint Direct labor cost per pint is $4.50 per pint 8 Variable.manufacturing overhead cost per pint is $3.00 per pint 9 Fixed manufacturing overhead costs are $15,100 per month 10 Total fixed selling and administrative costs are $13,200 per month 11 Sales price per pint is $24.50 per pint 12 Pints of gelato produced are 28,000 pints 13 Pints of gelato sold are 26,500 pints 14 15 There were no beginning inventories 16 Use the blue shaded areas on the ENTER-ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked 17 wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values. 18 19 Requirements: 20 1 Calculate Tiger Mountain Gelato's product cost per pint under absorption costing and variable costing. 21 2 Calculate the balance in Finished Goods Inventory on May 31, 2024, using absorption costing and variable costing. 22 3 Prepare income statements in good form for Tiger Mountain Gelato for May 2024 using absorption costing and variable costing. 23 4 Reconcile the differences between operating incomes and Finished Goods Inventory balances between the two costing methods. 24 25 Excel Skills: 26 1 Use data validation to select descriptions. 27 2 Create formulas with cell references. 28 3 Format the cells appropriately for dollars, numbers, or units. 29 4 Use the ABS function (absolute value) in a formula. 30 31