Question 1 2.5 pts Graphite Inc makes and sells pencils for $0.10 each. Production for each pencil made up of: $0.04 of fixed manufacturing costs and $0.03 of variable manufacturing costs. The company normally produces 1,000,000 pencils for the year and has $40,000 in faed manufacturing costs During the current year, Graphite sells 750,000 pencils What is the cost to manufacture a pencil under Absorption Costing? Question 2 2.5 pts Graphite Inc. makes and sells pencils for $0.10 each Production for each pencil made up of: $0.04 of fixed manufacturing costs and $0.03 of variable manufacturing costs. The company normally produces 1,000,000 pencils for the year and has $40,000 in fixed manufacturing costs During the current year, Graphite sells 750,000 pencils What is the cost to manufacture a pencil under Variable Costing