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Check my work 5 Denton Company manufactures and sells a single product. Cost data for the product are given: 16.66 points $ 5 10 2 3 eBook Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month $ 20 Print References $ 75,000 172,000 $ 247,000 The product sells for $45 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 15,000 15,000 Units Sold 11,000 19,000 July August The company's Accounting Department has prepared the following absorption costing income statements for July and August: $ Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income July $ 495,000 242,000 253,000 205,000 $ 48,000 August 855,000 418,000 437,000 229,000 208,000 Required: 1. Determine the unit product cost under: a. Absorption costing. b. Variable costing. 2. Prepare variable costing income statements for July and August. 3. Reconcile the variable costing and absorption costing net operating incomes. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the unit product cost under: (a) Absorption costing, (b) Variable costing. Unit Product Cost $ $ 17 a. Absorption costing b. Variable costing 22 Required 1 Required 2 Required 3 Prepare variable costing income statements for July and August. Denton Company Variable Costing Income Statement July August Sales $ 495,000 $ 855,000 Variable expenses: Variable cost of goods sold Variable selling and administrative expenses 0 0 495,000 855,000 Total variable expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Total fixed expenses 0 0 Net operating income (loss) $ 495,000 $ 855,000 Required 1 Required 2 Required 3 Reconcile the variable costing and absorption costing net operating incomes. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes July August Variable costing net operating income (loss) Add (deduct) fixed manufacturing overhead cost deferred in (released from) inventory under absorption costing Absorption costing net operating income (loss)