Required information The Chapter 6 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. Download the Applying Excel form and enter formules in all cells that contain question marks. For example, in cell 826 enter the formula '817". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the numbers in Review Problem 1. The LIFO Inventory flow assumption is used throughout the problem. Check your worksheet by changing the units sold in the Data to 6,000 for Year 2. The cost of goods sold under absorption costing for Year 2 should now be $240,000. If it isn't, check cell C41. The formula in this cell should be =IF(C26C27026C36C27-C26)*836,C27"C36). If your worksheet is operating properly, the net operating Income under both absorption costing and variable costing should be $(34,000) for Year 2. That is, the loss in Year 2 is $34,000 under both methods. If you do not get these answers, find the errors in your worksheet and correct them. Assume that the units produced in year 2 were sold first. Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2 L12 + x fc B 10 1 1 Chapter 6: Applying Excel 2 3 Data 4 Selling price per unit $50 5 Manufacturing costs: 6 Variable per unit produced: 7 Direct materials $11 8 Direct labor $6 9 Variable manufacturing overhead $3 Fixed manufacturing overhead per year $120,000 11 Selling and administrative expenses: 12 Variable per unit sold $4 13 Fixed per year $70,000 14 15 Year 1 16 Units in beginning inventory 0 17 Units produced during the year 10,000 18 Units sold during the year 8,000 19 20 Enter a formula into each of the cells marked with a ? below 21 Review Problem 1: Contrasting Variable and Absorption Costing 22 23 Compute the Ending Inventory 24 Year 1 25 Units in beginning inventory 0 26 Units produced during the year ? 27 Units sold during the year 28 Units in ending inventory ? 29 Year 2 6,000 8,000 Year 2 2 2 ? ? ? ? L12 X fx A B C 23 Year 2 2 ? ? ? ? ? ? ? ? ? ? 30 Compute the Absorption Costing Unit Product Cost 31 Year 1 32 Direct materials 33 Direct labor 34 Variable manufacturing overhead 35 Fixed manufacturing overhead 36 Absorption costing unit product cost 37 38 Construct the Absorption Costing Income Statement 39 Year 1 40 Sales 41 Cost of goods sold 42 Gross margin 43 Selling and administrative expenses 44 Net operating income 45 46 Compute the Variable Costing Unit Product Cost Year 1 48 Direct materials 49 Direct labor 50 Variable manufacturing overhead 51 Variable costing unit product cost 52 ? ? ? ? ? Year 2 ? ? ? ? ? 47 Year 2 ? ? ? ? ? ? ? ? L12 Ax fx B D E F Year 1 Year 2 ? ? 52 53 Construct the Variable Costing Income Statement 54 55 Sales 56 Variable expenses: 57 Variable cost of goods sold 58 Variable selling and administrative expenses 59 Contribution margin 60 Fixed expenses: 61 Fixed manufacturing overhead 62 Fixed selling and administrative expenses 63 Net operating income 64 ? ? ? ? ? ? cla