Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: 20 Variable costs per unit: Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year. Pixed manufacturing over head Pixed selling and administrative expense 366,000 170,400 During the year, the company produced 36,600 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. b. Prepare an income statement for the year. (Do not leave any empty spaces; input a o wherever it is required.) Absorption Costing Income Statement Sales $2,328,800 Cost of goods sold: 0 0 2,328,800 $2,328,800 2. Assume that the company uses variable costing. a. Compute the unit product cost. Unit product cost $ 55 b. Prepare an income statement for the year. (Do not leave any empty spaces; input a O wherever it is required.) Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold: 0 Variable cost of goods sold 0 0 0 Fixed expenses 0 Operating income 0