Answer all the requirement, answer in text form please (without image) Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years ofoperations:Variable costs per unit:Manufacturing:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrativeFixed costs per year:$ 21$10$ 4$ 3Fixed manufacturing overheadFixed selling and administrative expenses$ 320,000$ 80,000During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, itproduced 40,000 units and sold 50,000 units. The selling price of the company's product is $59 per unit.Required:1. Assume the company uses variable costing:a. Compute the unit product cost for Year 1 and Year 2.b. Prepare an income statement for Year 1 and Year 2.2. Assume the company uses absorption costing:a. Compute the unit product cost for Year 1 and Year 2.b. Prepare an income statement for Year 1 and Year 2.3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1.Complete this question by entering your answers in the tabs below.Required 1A Required 1B Required 2A Required 2B Required 3Assume the company uses absorption costing. Prepare an income statement for Year 1 and Year 2.Note: Round your intermediate calculations to 2 decimal places.Walsh CompanyIncome StatementYear 1Year 2SalesCost of goods soldGross marginSelling and administrative expensesNet operating income (loss)$ 2,360,000 $2,950,0001,656,000704,000200,000230,000504,000 $ (230,000)

Name: Answer all the requirement, answer in text form please (without image)
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Answer all the requirement, answer in text form please (without image) Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years ofoperations:Variable costs per unit:Manufacturing:Di