Question 1 (Total 10 marks) Organic Farm Juice Company manufactures and sells premium organic home-made vegetable and fruit juice by gallon. It has just finished its first-year operations. The following data relate to this first year: Number of gallons produced 75,000 Number of gallons sold 70,000 Sales price $6.00 per gallon Unit product cost under variable costing $1.50 per gallon Total contribution margin $280,000 Total fixed manufacturing overhead cost $90,000 Total fixed selling & administrative expense $40,000 REQUIRED: (Support answers with calculations, Round answers to 2 decimal places) a. What is the unit product cost under absorption costing? (2 marks) b. Using absorption costing, prepare Organic Farm Juice Company's traditional approach income statement for its first-year operation. (6 marks) c. Briefly explain the necessity of variable costing for internal use. (2 marks)