Awesome Corporation manufactures and sells a single product. The following costs were incurred during the company's first year of operations: - Direct materialsi $11 per unit - Direct tabor $5 per unit - Manufacturing overhead costs - Variable:\$2 per unit - Fixed: $264,000 - Selling and administrative costs. - Variables $2 per unit - Fixed: $174,000 During the year, the company produced 22,000 units and sold 18,000 units. The seling price of the company's product is $45 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