Question

Please solve for the cells with question marks and show excel equation

A1 X fx Chapter 4: Applying Excel A $4 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 10 Fixed manufacturing overhead per year $120,000 11 Selling and administrative expenses: 12 Variable per unit sold 13 Fixed per year $70,000 14 15 Year 1 Year 2 16 Units in beginning inventory 17 Units produced during the year 10,000 6,000 18 Units sold during the year 8,000 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 Year 2 25 Units in beginning inventory 26 Units produced during the year | 27 Units sold during the year 28 Units in ending inventory 29 30 Compute the Absorption Costing Unit Product Cost Year 1 Year 2 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 Year 2 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 47 Year 1 Year 2 48 Direct materials 49 Direct labor 50 Variable manufacturing overhead 51 Variable costing unit product cost 52 Chapter 4 Form + 31

Answer 1

Computation of Ending Inventory
	Year 1	Year 2
Units in the begining inventory	0	2,000	units produced in year 1 minus units sold in year 1
Units produced during the year	10,000	6,000
Units sold during the period	8,000	8,000
Units in the ending inventory (10,000 units - 8000 units)	2000
Computation of Absorption costing units product cost
	Year 1	Year 2
Direct material	$            11.00	$            11.00
Direct Labor	$              6.00	$              6.00
Variable manufacturing overhead	$              3.00	$              3.00
Fixed manufacturing overhead	$            12.00	$            15.00	Fixed manufacturing overhead per year divided by Total units produced during the year
Absorption costing units product cost	$            32.00	$            35.00
Absorption costing Income Statement
	Year 1	Year 2
Sales	$ 4,00,000.00	$ 4,00,000.00
Cost of goods sold	$ 2,56,000.00	$ 2,80,000.00	units sold *Absorption costing units product cost
Gross profit	$ 1,44,000.00	$ 1,20,000.00
Selling and administrative expense	$ 1,02,000.00	$ 1,02,000.00	Variable Selling and administrative expense + Fixed Selling and administrative expense
Net operating Income	$    42,000.00	$    18,000.00
Computation of Variable costing units product cost
	Year 1	Year 2
Direct material	$            11.00	$            11.00
Direct Labor	$              6.00	$              6.00
Variable manufacturing overhead	$              3.00	$              3.00
Variable costing units product cost	$            20.00	$            20.00

Variable costing Income Statement
	Year 1		Year 2
Sales		$ 4,00,000.00		$ 4,00,000.00
Variable Expense:
Variable Cost of goods sold	$ 1,60,000.00		$ 1,60,000.00
Variable Selling and administrative expense	$    32,000.00	$ 1,92,000.00	$    32,000.00	$ 1,92,000.00
Contribution margin		$ 2,08,000.00		$ 2,08,000.00
Fixed Expense:
Fixed manufacturing overhead	$ 1,20,000.00		$ 1,20,000.00
Fixed Selling and administrative expense	$    70,000.00	$ 1,90,000.00	$    70,000.00	$ 1,90,000.00
Net operating income		$    18,000.00		$    18,000.00