Noble Industries has one product. Information about the production and sales of that product for the past year follow (Click the icon to view the data) The company had no beginning inventory Read the...

Noble Industries has one product. Information about the production and sales of that product for the past year follow (Click the icon to view the data) The company had no beginning inventory Read the requirements $ Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing Begin by preparing the income statement for the year using absorption costing Noble Industries - X Income Statement (Absorption Costing) Data table For the Year Ended Sales revenue 5 689,000 Selling price per unit 63.00 Less Cost of goods sold 455,000 Direct material per unit $ 17.00 Gross pront $ 234,000 Direct labor per unit $ 4.00 Less: Operating expenses 70,000 Total annual manufacturing overhead .5 308.000 164,000 Operating income Fixed portion of annual manufacturing overhead .$ 280,000 Variable operating expenses per unit sold $ 200 Now prepare the income statement for the year using variable costing Fixed operating expenses per year in total 5 44.000 Noble Industries Units manufactured 22.000 Contribution Margin Income Statement (Variable Costing) Units sold 13.000 For the Year Ended Sales revenue 680.000 Less Variable expenses Print Done Variable cost of goods sold (286.000) Variable operating expenses (26.000) Contribution margin 377.000 Less Faced expenses Fixed manufacturing overhead (268,000) Fixed operating expenses (44.000 Operating income 87,000