1) To prepare a financial statement of variable costing system need per unit cost of Direct Material, Direct Labor, and Variable Manufacture overhead. It is not accepted by GAAP (Generally Accepted Accounting Principle). It is made for the internal manager to make a decision. If the manager wants to reduce the cost, they can easily reduce cost through a Variable costing system. but this is not possible to easily reduce costs from absorption.
The absorption system is accepted by GAAP. To make a financial statement first have to calculate the per unit cost of Direct Material, Direct Labor, Variable manufacturing overhead, and Fixed manufacturing overhead. The external user uses this for different purposes like - giving the decision to the bank about giving a loan.
2) Yes, the organization can take both financial statements at the same time. the internal person will use the Variable costing system and the external person will use the Absorption costing system.