3. Praeger Company began operations on January 1 and produces a single product that sells for $10,00 per unit. Standard capacity is 100,000 units per year. During the year, 100,000 units were produced and 80,000 units were sold. Manufacturing costs and selling and administrative expenses follow: Fixed Costs Variable Costs Raw materials $2.50 per unit produced Direct labor 1.50 per unit produced Factory overhead $250,000 .50 per unit produced Selling and administrative 100,000 .50 per unit sold There were no variances from the standard variable costs. Any under-or overapplied overhead is written off directly at year end as an adjustment to cost of goods sold. a. In presenting inventory on the balance sheet at December 31, what is the unit cost under absorption costing? b. In presenting inventory on the balance sheet at December 31, what is the unit cost under direct costing? What is the net income for the year under absorption costing? d. What is the net income for the year under direct costing? C