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Denton Company manufactures and sells a single product. Cost data for the product are given below: $ Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month 4 11 4 2 21 $ $ 120,000 169,000 $ 289,000 The product sells for $54 per unit. Production and sales data for July and August, the first two months of operations, are as follows: Units Produced 30,000 30,000 July Units Sold 26,000 34,000 August The company's Accounting Department has prepared absorption costing income statements for July and August as presented below: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income July $1,404,000 598,000 $ 806,000 221,000 $ 585,000 August $1,836,000 782,000 $1,054,000 237,000 $ 817,000 Required: 1. Determine the unit product cost under absorption costing and variable costing. Unit Product Cost $ 23 a. Absorption costing b. Variable costing $ 19 2. Prepare contribution format variable costing income statements for July and August. Denton Company Variable Costing Income Statement July $ 1,404,000 August $ 1,836,000 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expenses Total variable expenses 0 0 1,404,000 1,836,000 Fixed expenses Fixed selling and administrative expenses Fixed manufacturing overhead Total fixed expenses 0 0 Net operating income (loss) $ 1,404,000 $ 1,836,000 3. Reconcile the variable costing and absorption costing net operating income (loss) figures. August Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes July Variable costing net operating income (loss) Add (deduct) fixed manufacturing overhead cost deferred in (released from) inventory under absorption costing Absorption costing net operating income (loss)