Bob Inc, manufactures and sells professional hockey sticks for a price of $200 and uses standard costing. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 2.000 units. There are no price, ethiciency or rate variances. Any production-volume variance is written off to COGS in the month in which it occurs. Actual data for January and February is below: January February 0 ? 1,500 500 2.200 2.300 Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating Imarketing) cost per unit sold Fixed costs: Manufacturing costs Operating Imarketing) costs $ 20 $ 5 $ 20 5 $ $ 20,000 $20,000 $5,000 $5,000 Required: (Please show all work. Highlight final answers.) 1. Calculate unit product cost. 2. Calculate production volume variances for January and February 3. Prepared an Absorption Costing Income Statement for January and February. Please use a table. 4. Prepared a Variable Costing Income Statement for January and February. Please use a table. 5. Explain the difference in operating income between the two income statements, substantiate with both qualitative and quantitative analysis