For each of the products on the following tabs, please complete the following Calculate product cost per unit under absorption and variable costing Prepare the Variable Income Statement Calculate ending inventory under Variable Costing Convert Variable Net Income to Absorption Net Income Prepare the Absorption Income Statement Calculate ending inventory under Absorption Costing Type of account Price and costs Variable Cost per unit Absorption Cost per unit Selling Price Manufacturing costs $1,000/unit Direct materials $100/unit Direct labor $10/unit Variable Overhead $50/unit Fixed Overhead $900,000/year Selling and Adminstrative Expenses Variable Fixed $1/unit $300,000/year Year Units Produced Units sold Smartphones 30,000 33,000 Smartphones Variable Costing Smartphones Sales Variable Costing Net Income Direct Materials Direct Labor Variable OH Variable S&A Total Variable Costs Contribution Margin Fixed OH Units in Ending Inventory 7,000 Convert Income Statement to Absorbtio Add Fixed OH in ending Inventory Less Fixed OH in beginning Inventory Absorption Net Income Smartphones Absorption Costing Income Statement Sales Direct Materials Direct Labor Variable OH Fixed OH COGS Gross Margin S&A Variable Fixed S&A Net Income Balance Sheet - Ending Inventory S&A Fixed Net Income Balance Sheet - Ending Inventory