The Dean Corporation produces and sells a single product.The following data refer to the year just completed: 
Assume that direct labor is a variable cost.
Required:
a.Compute the cost of a single unit of product under both the absorption costing and variable costing approaches.
b.Prepare an income statement for the year using absorption costing.
c.Prepare a contribution format income statement for the year using variable costing.
d.Reconcile the absorption costing and variable costing net operating income figures in (b)and (c)above.
Definitions:
Internet Crime Complaint Center
A partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C) aimed at receiving Internet-related criminal complaints and referring them to appropriate agencies.
FBI
The Federal Bureau of Investigation, a domestic intelligence and security service of the United States, and its principal federal law enforcement agency.
National White Collar Crime Center
An organization focused on providing support and resources for law enforcement in combating white-collar crimes.
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