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1. Goodybro T-Shirts, Inc. forecasted the following costs for its manufacturing operations. The following costs are based on a volume of 50,000 T-shirts produced and sold: Total variable cost per year Total fixed cost per year Direct materials $36,000 Direct labor $24,000 Manufacturing overhead $60,000 $72,000 Selling and administrative $12,000 $48,000 During the first year of operations, Goodybro actually produced 50,000 T-shirts but only sold 48,000 T-shirts. In the second year, Goodybro produced 46,000 T-shirts and sold 48,000 T-shirts. Actual costs did not fluctuate from the cost behavior patterns described above. The T-shirts were sold for $10 per T-shirt. Required: a) Calculate unit product cost for both year 1 and year 2 under absorption and variable costing methods. (6) b) Prepare Income Statements for both year 1 and year 2 under absorption costing method. (7) c) Prepare Income Statements for both year 1 and year 2 under variable costing method. (7) d) State the reasons why the Income under absorption costing and variable costing is different in both the years and the income under variable costing is same in both the years