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Exercise 7.9 Variable and Absorption Costing Unit Product Costs and Income Statements (L07-1, L07-2 LO7-3] Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations 1 29 11 erable costs per unit ufacturing Direct materials Oirelt labor Variable atufacturing overhead Variable selling and dinistrative Fred costs per year Fixed facturing overhead Fixed selling and dinistrative expenses 1 1 2 $400,000 5.60,000 During its first year of operations, Welsh produced 50,000 units and sold 40,000 units. During its second year of operations, produced 40,000 units and sold 50.000 units. The selling price of the company's product is $8 per unit Required: 1. Assume the company es variable costing Compute the product cost for Year 1 and Year 2 Prepare an income statement for Yond Year 2 2. Assume the company uses absorption costing Compute the unit product cost for Year 1 and Year 2 b. Prepare an income statement for Year 1 and Year 2 3. Reconcite the difference between Varble costing and absorption costing net operating income in Yew 1 Complete this question by entering your answers in the tabs below. Red LA Reg18 Hes HA Raga Reconote the difference between variable conting and bon costing net operating income Year 1. Enter any losses or deductions as a negative value Round your intercediate calculations to 2 deomal places) Year 2 Vantable Coving operating income Abonnet operating income