Queen Industries has one product. Information about the production and sales of that product for the past year follow EEB (Click the icon to view the data.) The company had no beginning inventory Read the requirements. Selling price per unit 51.00 Direct material per unit. . Direct labor per unit . .............12.00 Total annual manufacturing overhead Fixed portion of annual manufacturing overhead.. .S 224,000 Variable operating expenses per unit sold . . . . . Fixed operating expenses per year in total49,000 Units manufactured Units sold ...$13.00 $ 240,000 16,000 15,000 PrintDone Cleat AlIl L Prepare two income statements for the year, one using absorption costing and one using variable costing. Use those statements to answer the following questions: a. What is the product cost per unit using absorption costing? b. What is the product cost per unit using variable costing? c. What is the ending inventory balance using absorption costing? d. What is the ending inventory balance using variable costing? e. What is cost of goods sold using absorption costing? f. What is cost of goods sold using variable costing? g. What is operating income using absorption costing? h. What is operating income using variable costing? . What is the underlying reason for the difference in operating income between the two costing methods? Begin by preparing the income statement for the year using absorption costing Queen Industries Income Statement (Absorption Costing) For the Year Ended Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income