O'Neil's Products manufactures a single product. Cost, sales, and production information for the company and its...

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O'Neil's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Neill's Products Contribution Margin Income Statement (Variable Costing) More Info For the Year Ended December 31 Sales revenue Less: Variable expenses Variable cost of goods sold Variable operating expenses Contribution margin Selling price per unit is $54 Variable manufacturing costs perunit manufactured (includes direct materials [DM], direct labor [DLJ, and variable MOH) $27 Variable operating expenses per unit sold $4 Fixed manufacturing overhead (MOH) in total for the year $120,000 Less: Fixed expenses Fixed manufacturing overhead Fixed operating expenses in total for the year $92,000 Units manufactured and sold for the year 12,000 units Fixed operating expenses Operating income Print Done Requirement 2. Prepare an income statement for the upcoming year using absorption costing. O'Neill's Products Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income O'Neil's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Neill's Products Contribution Margin Income Statement (Variable Costing) More Info For the Year Ended December 31 Sales revenue Less: Variable expenses Variable cost of goods sold Variable operating expenses Contribution margin Selling price per unit is $54 Variable manufacturing costs perunit manufactured (includes direct materials [DM], direct labor [DLJ, and variable MOH) $27 Variable operating expenses per unit sold $4 Fixed manufacturing overhead (MOH) in total for the year $120,000 Less: Fixed expenses Fixed manufacturing overhead Fixed operating expenses in total for the year $92,000 Units manufactured and sold for the year 12,000 units Fixed operating expenses Operating income Print Done Requirement 2. Prepare an income statement for the upcoming year using absorption costing. O'Neill's Products Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income

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