9 10 points Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense +A 31 30 16 9996 300,500 228,600 During the year, the company produced 30,050 units and sold 25,400 units. The selling price of the company's product is $81 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. Answer is complete and correct. Unit product cost $ 62 9 b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) 10 10 points Answer is not complete. Absorption Costing Income Statement $ 2,057,400 Cost of goods sold: 0 0 2,057,400 $ 2,057,400 10 9 points 2. Assume that the company uses variable costing. a. Compute the unit product cost. Answer is complete and correct. Unit product cost $ 52 10 9 Unit product cost $ 52 points b. Prepare an income statement for the year. (Do not leave any empty spaces; input a O wherever it is required.) Answer is not complete. Sales Variable Costing Income Statement Variable expenses: Variable cost of goods sold: $ 762,000 x 762,000 $ 2,057,400 Variable cost of goods sold 762,000 762,000 1,295,400 Fixed expenses: 0 1,295,400 b. Prepare an income statement for the year. (Do not leave any empty spaces; input a O wherever it is required.) Sales Variable expenses: Variable Costing Income Statement $ 2,057,400 Variable cost of goods sold: $ 762,000 Beginning inventory Fixed manufacturing overhead Fixed selling and administrative Goods available for sale Prepaid expenses 762,000 762,000 762,000 1,295,400 0 1,295,400 b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Sales Variable Costing Income Statement $ 2,057,400 Variable expenses: Variable cost of goods sold: $ 762,000 Goods available for sale 762,000 Prepaid expenses Sales 762,000 762,000 Selling and administrative expenses 1,295,400 Variable selling expense 0 1,295,400