Question 15 (16 marks) In 2019, TGIT Corp. produced 10,000 units and sold 9,000 of the units. The following additional information is also available: Direct materials used $140,000 Direct labour incurred 66,000 Variable manufacturing overhead 48,000 Fixed manufacturing overhead 80,000 Fixed selling and admin. expense 45,000 Variable selling and admin. expense 36,000 There was no beginning finished goods inventory and no beginning or ending work-in-process inventory. Use the information provided to answer the following questions: a) Under variable costing, what is the product cost per unit? $ per unit b) Under absorption costing, what is the product cost per unit? per unit c) Would net income be higher for the year under absorption costing or under variable costing? Variable Costing or Absorption Costing or Neither or Unknown? And by what amount? $ Answer d) Would both of your answers in c) be the same if you were told that on Jan. 1, 2019, TGIT had 1,000 units in finished goods inventory with the same cost per unit? Yes or No or Unknown? e) If you were told that TGIT produced 10,000 units and sold only 8,000 units, what is the product cost per unit Under variable costing? per unit Under absorption costing? per unit f) If TGIT produced 8,000 units and sold 8,000 units, what is the product cost per unit Under variable costing? per unit Under absorption costing? per unit