enter formulas in all cells that contain question marks.

For example, in cell B26 enter the formula B17". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the numbers in Review Problem 1. The LIFO inventory flow assumption is used throughout the problem Check your worksheet by changing the units sold in the Data to 6,000 for Year 2. The cost of goods sold under absorption costing for Year 2 should now be $240,000. If it isn't, Check Cell C41. The formula in this cell should be :F(C26-C27C2636. (C27-C26) B36,C27 C36).] If your worksheet is operating properly, the net operating income under both absorption costing and variable costing should be $(34,000) for Year 2. That is, the loss in Year 2 is $34,000 under both systems. If you do not get these answers, find the errors in your worksheet and correct them. Assume that the units produced in year 2 were sold first. Data Selling price per unit Manufacturing costs $50 Variable per unit produced Direct materials $11 $6 $3 $120,000 Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses Variable per unit solcd Fixed per year $4 $70,000 Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year 10,000 8,000 6,000 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 Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year Units in ending inventory Construct the Variable Costing Income Statement Year 1 Year 2 Sales Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income