$8 Exercise 5 - 2 Madison Company began operations on January 1 of the current year. The company produces and sells a single product. The following information relates to the production and sales of the product. Variable cost per unit: Direct materials $12 Direct labor Variable manufacturing overhead $2 Fixed manufacturing overhead $156,000 Fixed selling and administrating expenses $18,000 What is the unit cost assuming Madison Company uses variable costing? b. During the year, Madison produced 52,000 units and sold 48,000 units. Assume Madison Company has a balance of $88,000 in the Ending Inventory account. Is Madison using variable or full costing? What is the cost per unit assuming Madison Company uses full costing? $ 25 d. For external reporting purposes, what amount must Madison show in ending inventory? a. C $ 100,0