Dana Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead $200,000 $18 $7 $2 $2 I Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead $200,000 Fixed selling and administrative $110,000 $18 $7 $2 $2 expenses During the year, the company produced 20,000 units and sold 16,000 units. The selling price of the company's product is $50 per unit. Required: Assume that the company uses absorption costing: a) Compute the unit product cost. (3 marks) b) Prepare an income statement for the year (use the detailed format of income statement which shows the calculation of the cost of goods sold)