2) Universal Specialty Group produces a sports theme chair. The following information has been provided by management: Actual sales 10,000 units Budgeted production 12,000 units Selling price $425 per unit Direct material & Labor costs $90.00 per unit Fixed manufacturing costs $640,000 Variable manufacturing costs $50.00 per unit Variable administrative costs $25.00 per unit Fixed administrative costs $150,000 Required: a. What is the cost per statue if absorption costing is used? b. What is the cost per statue if variable costing is used? c. Prepare an income statement under Absorption costing and variable costing.