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Question - During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows:
Year 1
Year 2
Sales (@ $63 per unit)
$1,071,000
$1,701,000
Cost of goods sold (@ $34 per unit)
578,000
918,000
Gross margin
493,000
783,000
Selling and administrative expenses*
296,000
326,000
Net operating income
$197,000
$457,000
* $3 per unit variable; $245,000 fixed each year.
The company's $34 unit product cost is computed as follows:
Direct materials
$6
Direct labor
12
Variable manufacturing overhead
2
Fixed manufacturing overhead ($308,000 ÷ 22,000 units)
14
Absorption costing unit product cost
$34
Production and cost data for the first two years of operations are:
Units produced
22,000
Units sold
17,000
27,000
Required -
1. Using variable costing, what is the unit product cost for both years?
2. What is the variable costing net operating income in Year 1 and in Year 2?
3. Reconcile the absorption costing and the variable costing net operating income figures for each year.
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