Awesome Corporation manufactures and sells a single product. The following costs were incurred during the companys first year of operations: - Direct materials: $ 10 per unit - Direct labor: $ 4 per unit - Manufacturing overhead costs: Variable: $ 2 per unit Fixed: $ 374,000 - Selling and administrative costs: Variable: $ 2 per unit Fixed: $ 284,000 During the year, the company produced 34,000 units and sold 26,000 units. The selling price of the companys product is $44 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 product cost. b. Prepare an income statement for the year.