9.15 Absorption and variable inventory and income Asian Iron began last year with...
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Absorption and variable inventory and income Asian Iron began last year with no inventories. During the year, units were produced of which were sold. Data concerning last year's operations appear here. Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable selling costs are not incurred until the units are sold, so they reflect the cost for the number of units sold. Asian Iron allocates actual manufacturing overhead costs to inventory based on actual units produced. Required a Calculate the value of ending inventory on the balance sheet under the following methods: i variable costing ii absorption costing. b Calculate operating income under each of the following methods: i variable costing ii absorption costing. c Estimate the variable costing operating income if units were produced and sold in a year. Anwser this with excel showing formulas and step by step 
Absorption and variable inventory and income
Asian Iron began last year with no inventories. During the year, units were produced of which were sold. Data
concerning last year's operations appear here.
Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable selling
costs are not incurred until the units are sold, so they reflect the cost for the number of units sold. Asian Iron allocates actual
manufacturing overhead costs to inventory based on actual units produced.
Required
a Calculate the value of ending inventory on the balance sheet under the following methods:
i variable costing
ii absorption costing.
b Calculate operating income under each of the following methods:
i variable costing
ii absorption costing.
c Estimate the variable costing operating income if units were produced and sold in a year.
Anwser this with excel showing formulas and step by step
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