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Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: $ Variable costs per unit: Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense 25 12 3 5 200,000 110,000 During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the company's product is $65 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. Unit product cost $ 48: b. Prepare an income statement for the year. (Do not leave any empty spaces; input a O wherever it is required.) Absorption Costing Income Statement Cost of goods sold: 0 0 0 $ 0 2. Assume that the company uses variable costing. a. Compute the unit product cost. Unit product cost b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Variable Costing Income Statement Variable expenses: Variable cost of goods sold: Variable cost of goods sold Fixed expenses