Complete this question by entering your answers in the tabs below. Compute the unit product cost under both the absorption costing and variable costing approaches. Prepare an Income statement for the year using variable costing. Prepare an income statement for the year using absorption costing. Assume that ditect labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. Reconcile the absorption costing and variable costing net operating income fiqures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Feconclle the absorption costing and variable costing net operating income figures in (b) and (c) abc