Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 46,000 units, but its production was 76,000 units. It had no beginning finished goods inventory for the current period. Diaz COMPANY Income Statement (Variable Costing) Sales (46,eee units x $56.00 per unit) $2,576,000 Variable expenses Variable manufacturing expense (46,000 units * $27.6e per unit) 1,269,600 Variable selling and admin. expense (46,000 units x $4.60 per unit) 211,600 Total variable expenses 1,481,200 Contribution margin 1,094,800 Fixed expenses Fixed overhead 273,600 Fixed selling and administrative expense 136,800 Total fixed expenses 410,400 Net income $ 684,400 1. Convert Diaz's variable costing income statement to an absorption costing income statement DIAZ COMPANY Absorption Costing Income Statement Selling general and administrative expenses Net income (loss) 11 per unit 16 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units $ 60,000 per year $120,000 per year 20,000 units 14,000 units 6,000 units Compute the product cost per unit using absorption costing. Cost per unit of finished goods using: Absorption costing S LI Cost per unit of finished goods Determine the cost of ending finished goods inventory using absorption costing. Cost per unit of finished goods using: Absorption costing Number of units in finished goods Total cost of finished goods inventory Determine the cost of goods sold using absorption costing. Cost per unit of goods sold using Absorption costing Number of units in sold goods Total cost of sold goods $ $ 14.50 per unit 15.50 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units $280, 350 per year $360,000 per year 26,700 units 20,500 units 6,200 units Compute the product cost per unit using variable costing. Cost per unit of finished goods using: Variable costing 3 S 9 0 O / / OTTA / / / Cost per unit of finished goods $ 0.00 Determine the cost of ending finished goods inventory using variable costing. Cost per unit of finished goods using: Variable costing Number of units in finished goods Total cost of finished goods inventory Determine the cost of goods sold using variable costing. Cost per unit of goods sold using Variable costing Number of units in sold goods Total cost of sold goods