Fixed (total) The EG Company produces and sells one product: a microwave oven. The following data refer to the year just completed (10 marks Beginning inventory Units produced Units sold Sales price per unit Selling and administrative expenses: Variable per unit Manufacturing costs: SO 25,000 20,000 $400 $15 $275,000 Direct materials cost per unit $200 Direct labour cost per unit $50 Variable overhead cost per unit $30 Fixed overhead (total) $300,000 Assume that direct labour is a variable cost. Required: a) Compute the cost of a single unit of product 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. ALT:510/PC) or ALT+EN+F10 (Mac)