Chapter 6: Applying Excel Data Selling price per unit Manufacturing costs, Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable per unit sold Fixed per year Units in beginning inventory Units produced during the year Units sold during the year $50 $11 $6 $3 $120.000 54 $70,000 Year 11 Year 2 0 10.000 6.000 8.000 8.000 Enter a formula into each of the cells marked with a ? below Review Problem 1: Contrasting Variable and Absorption Costing Compute the Ending Inventory Units in beginning inventory Units produced during the year Units sold during the year Units in ending inventory Year 1 Year 2 0 ? ? 7 ? ? ? ? Compute the Absorption Costing Unit Product Cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Year 1 Year 2 2 2 ? ? ? 7 2 ? 2 2 Absorption costing unit product cost Construct the Absorption Costing Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Year 1 Year 2 ? ? ? ? ? ? ? ? ? ? Compute the Variable Costing Unit Product Cost Direct materials Direct labor Variable manufacturing overhead Year 1 Year 2 ? ? ? ? ? ? ? ? Variable costing unit product cost Construct the Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold Year 1 ? ? Year 2 ? ? Variable selling and administrative expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income ? ? ? ? ? ? ? 22 ? ?? 22