M08 In class assignment Product Z Type of account Price and costs: Selling Price $12/unit Manufacturing costs: Direct materials $4/unit Direct labor $2.25/unit Variable Overhead $1.50 unit Fixed Overhead $200,000 year Selling and Administrative Expenses: Variable $0.25/unit Fixed $20,000 Units Produced: 80,000 Units sold: 72,000 Units in Ending Inventory: 12,000 1) What is the product cost of Product Z under absorption costing? 2) What is the product cost of Product Z under variable costing? 3) What is Net income under variable costing? 4) What is Net Income under absorption costing? 5) What is the contribution margin for the current year? 6) What is the gross profit for the current year? 7) How much Fixed Overhead is in ending inventory under Abosorption Costing? 8) How much Fixed Overhead is in beginning inventory under Absorption Costing? 9) How much Fixed Overhead is in beginning inventory under Variable Costing?