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Problem 6-22 Prepare and Reconcile Variable Costing Statements [L06-1, L06-2, LC Denton Company manufactures and sells a single product. Cost data for the product are given below: Variable costs per unit: Direct materials $4 Direct labor 10 Variable manufacturing overhead 3 Variable selling and administrative 2 Total variable costs per unit $19 Fixed costs per month: Fixed manufacturing overhead $ 135,000 Fixed selling and administrative 166,000 Total xed cost per month $ 301,000 The product sells for $53 per unit. Production and sales data for July and August, the rst two months of operations, are as follows: Units Units Produced Sold July 27,000 23,000 August 27,000 31,000 The company's Accounting Department has prepared absorption costing income statements for July and August as presented below: July August Sales $ 1,219,000 $ 1,643,000 Cost of goods sold 506,000 682,000 Gross margin 713,000 961,000 Selling and administrative expenses 212,000 228,000 Netoperating income $ 501,000 $ 733,000 NEQUIFEU: 1. Determine the unit product cost under absorption costing and variable costing. a Absorption costing - a Variable oosting - 2. Prepare contribution format variable costing income statements for July and August. Variable cost of goods sold - - Variable selling and administrative expenses - - Total variable expenses u- Contribution margin 1,219,000 1 ,643,000 Fixed manufacturing overhead m 135,000 Fixed selling and administrative expenses 166,000 166,000: Total xed expenses 301,000 301,000 Total xed expenses 301,000 301,000 Net operating income (loss) $ 918,000 $ 1,342,000 3. Reconcile the variable costing and absorption costing net operating income. Variable oosting net operating income (loss) Add (deduct) xed manufacturing overhead cost deferred in (released from) inventory under absorption costing Absorption mating net operating income (loss)