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3 Jax Incorporated reports the following data for its only product. The company had no beginning finished goods niventory and it uses absorption costing. Sales price $ 57.50 per unit Direct materials $ 10.50 per unit 6.25 Direct labor $ 8. 00 per unit points Variable overhead $ 12.50 per unit Fixed overhead 1, 237, 500 per year 8 02:58:58 1. Compute gross profit assuming (a) 75,000 units are produced and 75,000 units are sold and (b) 110,000 units are produced and 75,000 units are sold. sells? 2. By how much would the company's gross profit increase or decrease from producing 35,000 more units than it Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit assuming (a) 75,000 units are produced and 75,000 units are sold and (b) 110,000 units are produc and 75,000 units are sold. (a) 75,000 Units (b) 110,000 Units Produced and 75,000 Produced and 75,000 Units Sold Gross profit Required 1 Required 2 By how much would the company's gross profit increase or decrease from producing 35,000 more units than it sells? Gross profit Required 1 4 Rey Company's only product sells for $229 per unit. Data for its first year of operations follow. Direct materials $ 33 per unit Direct labor $ 41 per unit Variable overhead $ 11 per unit Fixed overhead $ 351, 000 per year 6.25 points ple selling and administrative expenses $ 31 per unit fixed selling and administrative expenses $ 226, 000 per year Units produced and sold 27, 000 units 8 02:58:37 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY Income Statement (Absorption Costing) Required 1 Required 2 Prepare an income statement for the year using variable costing . REY COMPANY Income Statement (Variable Costing) Income