A company reported the following information for their first quarter in business.

Beginning inventory 0

Units produced 35,000

Units sold 30,000

Selling price per unit $ 76

Selling and administrative expenses:

Variable per unit $ 3

Fixed (per month) $ 567,000

Manufacturing costs:

Direct materials cost per unit $ 15

Direct labor cost per unit $ 8

Variable manufacturing overhead cost per unit $ 4

Fixed manufacturing overhead cost (per month) $ 560,000

Required:

1. If the company uses absorption costing:

a. What is the unit product cost?

b. Prepare a traditional income statement for the first quarter.

2. If the company uses variable costing:

a. What is the unit product cost?

b. Prepare a contribution format income statement for the first quarter.

Req 1A Req 1B Req 2A Reg 2B What is the unit product cost? Unit product cost using absorption costing RA Req 1B > Reg 1A Req 1B Req 2A Req 2B Prepare a traditional income statement for the first quarter. Absorption Costing Income Statement Quarter 1 Reg 1A Reg 1B Reg 2A Reg 28 What is the unit product cost? Unit productos using variable cooling Complete this question by entering your answers in the table below. Req 1A Req 1B Req 2A Req 2B Prepare a contribution format income statement for the first quarter. Variable Costing Income Statement Quarter 1