Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. 1. Compute gross profit assuming (a) 70,000 units are produced and 70,000 units are sold and (b)100,000 units are produced and 70,000 units are sold. 2. By how much would the company's gross profit increase or decrease from producing 30,000 more units than it sells? Complete this question by entering your answers in the tabs below. Compute gross profit assuming (a) 70,000 units are produced and 70,000 units are sold and (b)100,000 units are produced and 70,000 units are sold. By how much would the company's gross profit increase or decrease from producing 30,000 more units than it sells? \begin{tabular}{|l|l|} \hline Gross profit by \\ \hline \end{tabular}