Question 4: (10 Marks) 10 Al-Wjba Company produces and sells one product. The following data refer to the year just completed in 31 December 2018: Beginning inventories Ab DM DL VM Units produced Units sold Sales price per unit Selling and administrative expenses: 0 25,000 Vanable 20,000 $400 Variable per unit Fixed (Total) Manufacturing costs: Direct materials cost per unit $15 Produan Cost $275,000 Direct labor cost per unit $200 Period Sost $50 Variable manufacturing overhead cost per unit $30 Fixed manufacturing overhead (Total) $300,000 FM Vselling Fselling Required: Sales= 20,000 Sales=8. 1. Compute the cost per unit under both the absorption costing and variable costing approaches. (3 marks) 2. Prepare an income statement for the year using absorption costing. (2 marks) 3. Prepare a contribution format income statement for the year using variable costing. (3 marks) 4. Reconcile the absorption costing and variable costing net operating income figures in (2) and (3) above. (2 marks)