connect ACCOUNTING Ch 6 Question 7 (of 9 value 2.25 points Waish Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead S 25 S 16 S 4 $ 3 Variable selling and administrative Fixed costs per year $240,000 $ 90,000 Fixed selling and administrative expenses During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, itproduced 40,000 units and sold 50,000 units. The selling price of the company's product is $50 per unit Required: 1. Assume the company uses variable costing a Compute the unit product cost for year 1 and year 2 Unit product cost b. Prepare an income statement for year 1 and year 2 Income Statement Year 1 Year 2