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Prepare and Reconcile Variable Costing Statements [LO1, LO2, LO3, LO4] Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal electronics that are custom moulded to each customer's ear. Cost data for the product follow: Variab le costs per unit: Dire ct material s Dire ct labour Varia ble factory overhea d Varia ble selling and adminis trative Total variable costs per unit Fixed costs per month: Fixe $ 7 17 9 4 $ 37 $ 247,000 d manufa cturing overhea d Fixe d selling and adminis trative Total fixed cost per month 133,000 $ 380,000 The product sells for $58 per unit. Production and sales data for May and June, the first two months of operations, are as follows: Units Units Produc Sold ed Ma 19,000 15,000 y Jun 19,000 23,000 e Income statements prepared by the Accounting Department using absorption costing are presented below: Sale s Cost of goods sold: Be ginni ng inven tory A dd cost of goods manu factur ed G oods availa ble for sale Le ss endin g inven tory Cost of goods sold May 870,0 $ 00 June 1,334, $ 000 0 184,0 00 874,0 00 874,0 00 874,0 00 1,058, 000 184,0 00 0 690,0 00 1,058, 000 180,0 00 276,0 00 Gros s margi n Selli ng and admi nistra tive expen ses Ope rating inco me 193,0 00 $ (13,0 ) 00 225,0 00 $ 51,00 0 Required: 1. Determine the unit product cost under each of the following methods. a. Absorption costing = b. Variable costing = 2. Prepare variable costing income statements for May and June using the contribution approach. May Sales Variable expenses: Beginning inventory Add: Variable production costs Goods available for sale Less: Ending inventory Variable cost of goods sold Variable selling and administrative Total variable expenses Contribution margin June Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Total fixed expenses Operating income (loss) 3. Reconcile the variable costing and absorption costing operating income figures. (Loss amounts should be indicated with a minus sign.) May Variable costing operating income (loss) Add: Fixed manufacturing overhead cost deferred in inventory under absorption costing Deduct: Fixed manufacturing overhead cost released from inventory under absorption costing Absorption costing operating income June