Question 1 (25) Conan Company produces sporting equipment. In 2019, the first year of operations, Conan produced 30,000 units and sold 28,000 units. In 2020, the production and sales results were exactly reversed. In each year, selling price was $110, variable manufacturing costs were $35 per unit, variable selling expenses were $10 per unit, fixed manufacturing costs were $500,000, and fixed administrative expenses were $220,000. Instructions a) Find unit product cost for 2020 using variable costing and absorption costing. b) Prepare an income statement for 2020 using variable costing and absorption costing