4) Bell Company manufactures and sells a single product. Cost data for the product follow: Variable costs per unit: Direct materials Direct labor Variable factory overhead Variable selling and administrative Total variable costs per unit $ 3 12 3 3 $21 Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month $120,000 166,000 $286,000 The product sells for $48 per unit. Production and sales data for May 20, 000 units. Required: 1. Compute the unit product cost under: a. Absorption costing. (5 points) b. Variable costing. (5 points) 2. Prepare an income statement for the month using absorption costing. (10 points) 3. Prepare a contribution format income statement for the month using variable costing. (10 points) GOOD