Required information Chapter 7: Applying Excel (Algo) The Chapter 7 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. Chapter 7: Applying Excel: Exercise (Algo) (Part 2 of 2) 2. Change all of the numbers in the data area of your worksheet so that it looks like this: A B 1 N Chapter 6: Applying Excel 2 3 Data 4 $ 352 Selling price per unit Manufacturing costs: 5 - 6 Variable per unit produced: 7 Direct materials $ 156 8 Direct labor $ TA 58 $ $ 22 $ 185,600 9 Variable manufacturing overhead 10 Fixed manufacturing overhead per year 11 Selling and administrative expenses: 12 Variable per unit sold $ 5 13 Fixed per year $ 81,000 14 A Year 1 Year 2 0 15 16 Units in beginning inventory 17 Units produced during the year 18 Units sold during the year 3,200 3,000 2.900 3,000 If your formulas are correct, you should get the correct answers to the following questions. 3 (a) What is the net operating income (loss) in Year 1 under absorption costing? Net operating income $ 0 (b) What is the net operating income (loss) in Year 2 under absorption costing? Net operating income ces (c) What is the net operating income (loss) in Year 1 under variable costing? Net operating income his (d) What is the net operating income (loss) in Year 2 under variable costing? Net operating income (b) What is the net operating income (loss) in Year 2 under absorption costing? Net operating income N