Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: $ 30 10 Variable costs per unit: Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense 4 8 305, 100 199,500 During the year, the company produced 33,900 units and sold 28,500 units. The selling price of the company's product is $72 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. Unit product cost 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 Cost of goods sold: 0 0 0 $ 0 2. Assume that the company uses variable costing. a. Compute the unit product cost. Unit product cost 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 Variable expenses Variable cost of goods sold: 0 Variable cost of goods sold 0 0 0 Fixed expenses 0 0