Noll Industries began operations on January 1 and produces a single product that sells for $15.00 per unit. Standard capacity is 50,000 units per year. During the year, 50,000 units were produced and 40,000 units were sold. There was no inventory at the beginning of the year. Manufacturing costs and selling and administrative expenses follow:

Fixed Costs Variable Costs Raw materials -- $3.75 per unit produced

Direct labor -- 2.25 per unit produced

Factory overhead $120,000 2.00 per unit produced

Selling and administrative 80,000 1.00 per unit sold

There were no variances from the standard variable costs. Any under- or overapplied overhead is written off directly at year end as an adjustment to cost of goods sold.

a. In presenting inventory on the balance sheet at December 31, what is the unit cost under absorption costing?

b. In presenting inventory on the balance sheet at December 31, what is the unit cost under variable costing?

c. What is the net income for the year under absorption costing?

d. What is the net income for the year under direct costing?

e. What is the cost of the ending inventory under absorption costing?

f. What is the cost of the ending inventory under variable costing?