Al Rawabi Company produces a single product with the following information available: No of units produces annually 30,000 Variable cost per unit a) Direct Material, Labor and variable overheard 15 b) Selling & Administrative Expense 5 Fixed Cost per year Manufacturing Overhead 160,000 Selling & Administrative Expense 110,000 a) Calculate unit product cost b) Prepare income statement using both variable and absorption costing? Additional Information 25,000 unit are sold @ 50 each, There is no beginning inventory.