A corporation produces and sells a single product. Tha folln.uta.... ear just completed: Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using variable costing. There may be an extra row under variable