Baxtell Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 25 Direct labour 12 Variable manufacturing overhead 3 Variable selling and administrative 5 Fixed costs per year: Fixed manufacturing overhead 200,000 Fixed selling and administrative expense 110,000 During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the companys product is $65 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. (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. b. Prepare an income statement for the year. (Do not leave a