Fill in the incomplete income statement and incomplete variable costing income statement. Also provide the following amounts:

1. Gross Margin

2. Goods available for sale

3. Direct labor hours

4. Units manufactured

5. All variable cost variances

6. Variable cost net income

7. Budgeted FOH application rate

8. Units in ending inventory

9. Variable nonmanufacturing costs

10. Unit selling price

Optional Bonus Problem (10 points) An incomplete absorption costing income statement and an incomplete variable costing income statement for April 2016 appear below. Standards allow 2 pounds of material per unit of output, 5 direct labor hours per unit of output, and $.60 per direct labor hour in variable overhead cost. Absorption Costing Income Statement Current Year Sales (1500 units) Variable Costing Income Statement Current Year $18,750 Sales Less: COGS: BI -O- Less: Variable Costs: BI Variable costs Available for sale Less: EI DM & DL VOH applied FOH applied $12,406 4,950 Mfg. costs before adjustments: Available for sale: Less: EI $1,398 Adjustments: Unadjusted COGS Adjustments: All VC variances Production volume variance FOH price variance -$504 -$46 Adjusted COGS $13,781 Adj. Var. COGS: Other Var. Costs Total variable cost $2025 Gross margin Less Period Costs: Variable Fixed Contribution margin Less: Fixed costs: Manufacturing Other $525 Net Income $2,419 Net Income Optional Bonus Problem (10 points) An incomplete absorption costing income statement and an incomplete variable costing income statement for April 2016 appear below. Standards allow 2 pounds of material per unit of output, 5 direct labor hours per unit of output, and $.60 per direct labor hour in variable overhead cost. Absorption Costing Income Statement Current Year Sales (1500 units) Variable Costing Income Statement Current Year $18,750 Sales Less: COGS: BI -O- Less: Variable Costs: BI Variable costs Available for sale Less: EI DM & DL VOH applied FOH applied $12,406 4,950 Mfg. costs before adjustments: Available for sale: Less: EI $1,398 Adjustments: Unadjusted COGS Adjustments: All VC variances Production volume variance FOH price variance -$504 -$46 Adjusted COGS $13,781 Adj. Var. COGS: Other Var. Costs Total variable cost $2025 Gross margin Less Period Costs: Variable Fixed Contribution margin Less: Fixed costs: Manufacturing Other $525 Net Income $2,419 Net Income