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Chan Manufacturing Company data for 20X7 follow:

Sales: 12,000 units at $17 each

Actual production 15,000 units

Expected volume of production 18,000 units

Manufacturing costs incurred

Variable $120,000

Fixed 63,000

Nonmanufacturing costs incurred

Variable $ 24,000

Fixed 18,000

1. Find out operating income for 20X7, suppose firm uses variable-costing approach to product costing. (Don't prepare statement.)

2. Supppose that there is no January 1, 20X7, inventory; no variances are assigned to inventory; and firm uses a full absorption approach to product costing. find out (a) cost allocated to December 31, 20X7, inventory; and (b) operating income for year ended December 31, 20X7.

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