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The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: 0 29,100 26,600 435 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses Variable per unit Fixed per year Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cont per unit Tixed manufacturing overhead per year $ 24 $345,800 $ 239 $ 55 $ 34 $582,000 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost 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 d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Required A Required B Required Required D Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Net operating income (loss) under variable costing Add: Fixed manufacturing overhead costs deferred in Inventory under absorption costing Net operating income (lona) under absorption costing (Required