Problems 1. During the most recent year, Pilkey Ltd had the following date associated 1with the product it makes: Units in beginning inventory - Units produced 10,000 units ' Units sold ($300 per unit) 8,000 units Vm'fnbie cos f5\" per unit: Direct materials $50 Direct labour $100 Variable overhead $50 Fixed costs: Fixed manufacturing overhead per unit produced $25 Fixed selling and administrative $100,000 Required: 1. Calculate the unit product cost using both absorption and variable costing. 2. Prepare an income statement using absorption costing. 3. Prepare an income statement using variable costing