Farris Company reported the following information for its two products: Selling price per unit Variable cost per unit Product X $110 66 Product Y $120 54 Due to labor constraints, demand for each of the products is greater than its supply. Product X requires one hour of labor to produce and product Y requires three hours of labor to produce. Which of the following statements is true? Multiple Choice O Product X should be produced and sold because it has a lower cost than Product Y. Product X should be produced and sold because it provides a higher contribution margin per labor hour than Product Y. O Product Y should be produced and sold because it provided a higher contribution margin per unit than Product X