2. Gudas Corporation manufactures and sells a single product. Cost data for the product are given below: Variable costs per unit: Direct materials Direct labor $12 15 5 Variable manufacturing overhead Variable selling and administrative Total variable cost per unit $36 Fixed costs per month: Fixed manufacturing overhead $750,000 Fixed selling and administrative 250,000 Total fixed cost per month $1.000.000 The product sells for $120 per unit. Production and sales data for August follow: There was no beginning inventory. Units Units Produced Sold 25,000 20,000 Required: a) Determine the unit product cost under: Absorption costing Variable costing b) Prepare a variable costing income statement for August. c) Prepare an absorption costing income statement for August. d) Explain why the operating income is different in parts (a) and (b).