MBO inc began operations on January 1, 2020. The company sells single product for $12.00 per unit. During 2020, 70,000 units were produced and 65,000 units were sold .There was no work in process inventory at December 31, 2020. IBL uses actual cost system for product costing and actual costs for 2020 were as follows Fixed costs $ Variable Costs per unit $ Direct Materials 0 3.00 Direct Labour 0 1.50 Manufacturing Overhead 70,000 1.50 Selling &Admin expense 50,000 1.80 REQUIRED 1. What is the product cost per unit under each of the following: a. Variable Costing b. Absorption 2. What is the finished goods inventory cost at December 31,2020 under each of the following? a. Variable costing b. Absorption costing 3. Prepare income statements for 2020 under each of the following: a. Variable costing b. Absorption costing