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Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit. Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Pixed selling and administrative expense 28 16 7 8 489,750 216,800 During the year, the company produced 32,650 units and sold 27100 units. The selling price of the company's product is $89 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. Answer is complete and correct. Unit productos 66 b. Prepare an income statement for the year. (Do not leave any empty spaces; input a O wherever it is required.) Answer is complete but not entirely correct. Absorption Casting Income Statement Sales $ 2.411.900 Cost of goods sold: Beginning inventory $ 623,3003 Add: Cost of goods manufactured 433,600 Goods available for sale 1,056,900 Loss Ending Inventory 189,700 867,200 Gross margin 1,544.700 Selling and administrative expenses 180.7003 Operating income $ 1.355,000 OOO 2. Assume that the company uses variable costing. a. Compute the unit product cost. Answer is complete and correct. Unit product cost $ 51 b. Prepare an income statement for the year. (Do not leave any empty spaces: input a 0 wherever it is required.) Answer is complete but not entirely correct. Variable Costing Income Statement Sales $ 2,411,900 Variable expenses: Variable cost of goods sold: Variable selling expense $ 1,382,100 Add: Variable manufacturing costs 216,800 Goods available for sale 1.598.900 Add: Ending inventory 1,598.900 Variable cost of goods sold 0 Fored manufacturing overhead 813,000 813,000 Contribution margin 1,598,900 Fixed expenses: Fixed soling and administrative 489,750 Fixed manufacturing overhead 216,800 705,550 Operating income 892,350 3