Morey Company has just completed its first year of operations. It produced 50,000 units and sold 40,000 units. The company's absorption costing income statement for the year appears below: Morey Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating ,350,000 840,000 510,000 420,000 $90,000 fit The company's selling and Administration expenses consist of $300,000 per year in fixed expenses and $3 per unit sold in variable expenses. Also the estimated and actual Fixed manufacturing overhead is $250,000 REQUIRED: Show ALL workings 1. Calculate the cost per unit under absorption costing 2. Calculate the cost per unit under variable costing 3. Prepare the company's income statement in the contribution margin format (2 marks) (4 marks) (9 marks) using variable costing