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Assume that direct labot is a variable cost Required: b. Prepare an income statement for the year using absorption costing c. Prepare an income statemert for the year using variable costing d. Peconcile the absorption costing and vartable costing net operating income figures in (b) and (c) above: Complete this question by entering your answers in the tabs below. Compute the urit product cosit under both the absorption costing and variable costing aporooches. Assume that direct labot is a variable cost Required: b. Prepare an income statement for the year using absorption costing c. Prepare an income statemert for the year using variable costing d. Peconcile the absorption costing and vartable costing net operating income figures in (b) and (c) above: Complete this question by entering your answers in the tabs below. Compute the urit product cosit under both the absorption costing and variable costing aporooches