Problem 8-35 Variable-Costing and Absorption-Costing Income Statements (LO 8-2, 8-3, 8-4, 8-6) Great Outdoze Company manufactures sleeping bags, which sell for $65.90 each. The variable costs of production are as follows: Direct material Direct labor Variable manufacturing overhead $19.70 10.30 7.20 Budgeted fixed overhead in 20xt was $172,500 and budgeted production was 25,000 sleeping bags. The year's actual production was 25,000 units, of which 21.200 were sold. Variable selling and administrative costs were $1.20 per unit sold: fixed selling and administrative costs were $29,000 Required: 1. Calculate the product cost per sleeping bag under (6) absorption costing and (b) variable costing 2-a. Prepare an operating income statement for the year using absorption costing. 2-b. Prepare an operating Income statement for the year using variable costing 3. Reconcile reported operating income under the two methods using the shortcut method. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Calculate the product cost per sleeping bag under (a) absorption costing and (b) variable costing. (Do not round Intermediate calculations. Round your final answers to 2 decimal places.) Product Cost Per Unit Absorption costing Variable costing Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 28 Reg 3 Prepare an operating income statement for the year using absorption costing. (Do not round intermediate calculations.) GREAT OUTDOZE, INC. Operating Income Statement For the Year Ended December 31, 2031 Absorption Costing $ 0 Selling and Administrative Expenses 0 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Prepare an operating Income statement for the year using variable costing. (Do not round Intermediate calculations.) GREAT OUTDOZE, INC. Operating Income Statement For the Year Ended December 31, 20x1 Variable Costing Variable expenses ces $ 0 Fixed expenses: $ 0 Req 2A Req3 > Budgeted fixed overhead in 20xl was $172,500 and budgeted production was 25,000 sleeping bags. The year's actual productio was 25,000 units, of which 21.200 were sold. Variable selling and administrative costs were $1.20 per unit sold: fixed selling and administrative costs were $29,000. Required: 1. Calculate the product cost per sleeping bag under (a) absorption costing and (b) variable costing. 2-a. Prepare an operating income statement for the year using absorption costing. 2-b. Prepare an operating income statement for the year using variable costing. 3. Reconcile reported operating income under the two methods using the shortcut method. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 25 Reconcile reported operating income under the two methods using the shortcut method. (Round your predetermined fixed overhead rate to 2 decimal places.) Predetermined fixed overhead rate Absorption-costing income minus variable-costing income Change in Inventory (in units) unit increase Reg 28 Red