ABC Company manufoctures and sets a single product. The following costs were incurred during the companys first year af operations: During the year, the company produced 29.000 units and sold 22,000 units. The selling price of the company's product is $42 per unit: Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit procluct cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses absorption costing. During the yeac, the company produced 29.000 units and sold 22,000 units. The seting price of the company's product is $42 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the yeac. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs thelow. Compute the unit product cost. Assume that the company uses absiorption costing: During the yeat, the compeny produced 29,000 units and soid 22,000 units. The selling price of the compary's product is 542 per unit. Required: 1. Assume that the compary uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year: 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your anewars in the tabs below. Prepare an income statement for the year. Assume that the company uses absorption costing. Required: 1. Assume that the company uses absorption costing: a. Compote the unlt product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by eitering your answers In the tabs below. Compute the unit product cost. Assume that the company uses variable costing 2. Assume thet the company uses variable costing a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs betow. Prepare an income statement for the yeor. Assume that the company uses variable costing