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Problem 4. Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income Borunda Corporation has provided the following data for its two most recent years of operation: Selling price per unit 583 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials 89 Direct labor $7 Variable manufacturing overhead $31 Fixed manufacturing overhead per year $360,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold SG Fixed selling and administrative expense per year $77,000 Year 1 Year 2 Units in beginning inventory 2,000 Units produced during the year 10,000 12,000 Units sold during the year 8,000 12.000 Units in ending inventory 2,000 2.000 Required: a. Assume the company uses absorption costing. Prepare an income statement for each year. b. Assume the company uses variable costing. Prepare an income statement for each year. c. Prepare a report in good form reconciling the variable costing and absorption costing net incomes