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Variable and Absorption Costing Scott Manufacturing makes only one product with total unit manufacturing costs of $58, of which $40 is variable. No units were on hand at the beginning of 2015. During 2015 and 2016, the only product manufactured was sold for $91 per unit, and the cost structure did not change. Scott uses the first-in, first-out inventory method and has the following production and sales for 2015 and 2016 Units Manufactured Units Sold 120,000 90,000 20,000 130,000 2015 2016 a. Prepare gross profit computations for 2015 and 2016 using absorption costing. Do not use negative signs with your answers. Absorption Costing 2015 2016 s 8,190,000 11,830,00 Sales Cost of goods sold: Beginning inventory 30,000 x Production 120,000 X 120,000 Goods available 120,000 150,000 2016 120,000 130,000 . Prepare gross profit computations for 2015 and 2016 using absorption costing. Do not use negative signs with your answers. Absorption Costing 2015 2016 s 8,190,000S 11,830,00 v Sales Cost of goods sold: Beginning inventory 30,000 Production 120,000 x 120,000 X Goods available 120,000 150,000 x Less: Ending inventory 30,000 X 20,000 3x Cost of goods sold Gross proft b. Prepare gross profit computations for 2015 and 2016 using variable costing. Do not use negative signs with your answers Variable Costing 2015 2016 Sales Variable cost of goods sold Beginning inventory 0 X Production Goods available 0 X Less: Ending inventory Variable cost of goods sold 0 2 Less: Fixed manufacturing costs Gross profit