14. Use the following data to compute the unit product cost under both absorption costing and product costing. (Responses = 1 point each and show your work = 1 point each; total points for this question are 4 points) a. Company produced a single product. b. Number of units produced is 7,000 c. Variable cost per unit is listed below: - Direct materials $86 - Direct labor $71 - Variable manufacturing overhead \$2 - Variable selling and administrative expenses $7 d. Fixed Costs: - Fixed manufacturing overhead $378,000 - Fixed selling and administrative expenses $98,000 Response 1 | Absorption Costing unit product cost Response 2 | Variable Costing unit product cost