Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. Sales price Direct materials Direct labor Variable overhead Fixed overhead $ 58.00 per unit $ 11.00 per unit $ 8.50 per unit $ 13.00 per unit $ 1,440,000 per year 1. Compute gross profit assuming (a) 80,000 units are produced and 80,000 units are sold and (b) 120,000 units are produced and 80,000 units are sold. 2. By how much would the company's gross profit increase or decrease from producing 40,000 more units than it sells? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit assuming (a) 80,000 units are produced and 80,000 units are sold and and 80,000 units are sold. (a) 80,000 Units Produced and 80,000 Units Sold (b) 120,000 Units Produced and 80,000 Units Sold Gross profit