Income Statements under Absorption and Variable Costing In the coming year, Planet Company expects to sell 28,700 units at $50 each. Planet's controller provided the following information for the coming year Units production 30,000 Unit direct materials $14.73 Unit direct labour $4.07 Unit variable overhead $2.44 Unit fixed overhead $3.70 Unit selling expense (variable) $2.00 Total fixed selling expense $65,500 Total fixed administrative expense $231,000 - The unit foxed overhead is based on 30,000 units produced Required: 1. Calculate the cost of one unit of product under absorption costing. Round answer to the nearest cent. Use rounded amount in subsequent requirements 2. Calculate the cost of one unit of product under variable costing. Round answer to the nearest cent. Use rounded amount in subsequent requirements 3. Calculate operating income under absorption costing for next year.