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Clover Industries has one product. Information about the production and sales of that product for the past year follow. (Click the icon to view the data.) The company had no beginning inventory Read the requirements i Data Table - Requirement 1. Prepare two income statements for the year, one using absorption costing Begin by preparing the income statement for the year using absorption costing Clover Industries Income Statement (Absorption Costing) For the Year Ended Selling price per unit 51.00 Direct material per unit $ 20.00 Direct labor per unit.. $ 500 Total annual manufacturing overhead... $144.000 Fixed portion of annual manufacturing overhead.5 12.000 Variable operating expenses per unit sold Fixed operating expenses per year in total 5 48.000 Units manufactured. 16.000 Units sold 14,000 Less: 2.00 Less: Print Done Choose from any list or enter any number in the input fields and then click Check Answer Read the requirements. Now prepare the income statement for the year using variable costing. Diamond Industries Contribution Margin Income Statement (Variable Costing) For the Year Ended Sales revenue $ Less: Variable expenses Variable cost of goods sold $ Variable operating expenses Contribution margin Less: Fixed expenses Fixed manufacturing overhead Fixed operating expenses Operating income $ Use the statements you prepared to answer the following questions: Click to select your answer(s) and then click Check Answer. All parts showing ne data.) The company had no beginning inventory. Read the requirements Use the statements you prepared to answer the following questions: la. $ 1b. $ 1c. $ 1d. What is the product cost per unit using absorption costing? What is the product cost per unit using variable costing? What is the ending inventory balance using absorption costing? What is the ending inventory balance using variable costing? What is cost of goods sold using absorption costing? What is cost of goods sold using variable costing? What is operating income using absorption costing? What is operating income using variable costing? $ $ le. 17. $ 1g. $ 1h. Requirement 2. What is the underlying reason for the difference in operating income between the two costing methods? costing generates a higher operating income. This is because under absorption costing, whereas variable costing Click to select your answer(s) and then click Check Answer. All parts showing Clear All Check