QUESTION 2 (25 MARKS) XYZ Company Ltd, which produces only one product, has provided the following data concerning its operations, for the month of April 2020: Selling price $95 Units in beginning inventory 100 Units produced 6,200 Units sold 5,900 Variable costs per unit: Direct materials $42 Direct labour $28 Variable manufacturing overhead $1 Variable selling and administrative $5 Fixed costs: Fixed manufacturing overhead $62,000 Fixed selling and administrative $35,400 The company produces the same number of units every month, although the sales and closing inventory in units, vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required, for the month of April 2020: (a) The unit product cost under variable costing. (2 marks) (b) The unit product cost under absorption costing. (3 marks) (c) An income statement using the variable costing method. (8 marks) (d) An income statement using the absorption costing method. (8 marks) (e) Reconcile the variable costing and absorption costing net incomes. (4 marks)