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0-3 A company produces and sells a single product. Cost data are as follows: Variable costs per unit: Direct materials IE 10 Direct labour '3 Variable factory overhead 8 Variable selling and administrative g Total variable costs per unit IE 31 Fixed costs per year Fixed factory overhead IE 000,000,! Fixed selling and administrative 530,000,! Total xed costs per year IE 1130, 000,! Page 1 of 2 The product sells for IE 801' per unit. 50,000 units are produced and 60,000 units are sold during the year. Beginning inventory of the product is 25,000 units. Product cost per unit under absorption and variable costing in the previous year was the same as in the current year. Required: a) Determine unit product cost under absorption costing and variable costing b) Prepare income statement for the year under absorption costing and variable costing c) Reconcile the absorption costing and variable costing net income