Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 30,050 units and sold 25,400 units. The selling price of the company's product is $81 per unit. Required: 1. Assume that the company uses absorption costing. b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) 2. Assume that the company uses variable costing. a. Compute the unit product cost. Answer is complete and correct. b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.)