A corporation produces and sells a single product. The following data refer to the year just completed:$18$Beginning inventoryUnits producedUnits soldSelling price per unitSelling and administrative expenses:$30$ points$01$:$10$:$27$Variable per unitFixed per yearManufacturing costs:Direct materials cost per unitDirect labor cost per unitVariable manufacturing overhead cost per unitFixed manufacturing overhead per year$ $50$$ $37$$$379,200$Assume that direct labor is a variable cost.Required:a$.$ 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.