Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's rst year of operations: Variable costs per unit: Manufacturing: Direct materials 5 31 Direct labour 20 Variable manufacturing overhead 4 Variable selling and administrative 6 Fixed costs per year: Fixed manufacturing overhead 366,000 Fixed selling and administrative expense 170,400 During the year. the company produced 36,500 units and sold 28,400 units. The selling price of the company's product is $82 per unit. Required: 1. Assume that the company uses absorption costing. 5. Compute the unit product cost. b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Absorption Costing Income Statement Cost of goods sold: 0 0 0 0 2. Assume that the company uses variable costing. a. Compute the unit product cost. Unit product costb. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Variable Costing Income Statement Variable expenses: Variable cost of goods sold: 0 Variable cost of goods sold 0 0 0 Fixed expenses: 0 0