Question Completion Status: QUESTION 1 National Corporation, produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to the year 2017 of the plant's operation: $18 Variable costs per unit Manufacturing Direct Materials Direct Labour Variable manufacturing overhead Variable selling and administrative $7 $2 $2 Fixed costs per year Fixed manufacturing overheads $200,000 Fixed selling and distribution expenses $110.000 Cool Sate and submitte and kid Click Save uslove Remaining Time: 37 minutes, 25 seconds. Question Completion Status: During the year company produced 20,000 units and sold 16,000 units. The selling price of the company's product is $50 per unit. Required: (show all your calculations in detail) Assume that company uses absorption costing. 1. Compute the unit product cost Particulars (5 Marks) Amount Chat Save and submit to me sub Click Sarie Anwesto en alles S 2. Prepare a absorption income statement for the year. (10 Marks) Particulars Amount Che Sille and Subrutte stor and bottle child to me all annen Question Completion Status: Assume that company uses variable costing. 3. Compute the unit product cost Particulars (4 Marks) Amount 4. Prepare a contribution income statement for the year. (16 Marks) Particulars Amount Click Save 4. Prepare a contribution income statement for the year. (16 Marks) Particulars Amount Click Save and submit toile. Chia Sesto save all can 5. Reconcile the absorption costing and variable costing net operating income. (5 Marks) For the toolbar, press ALT+F10 (PC) or ALT-FN-F10 (Mac). TT TT Raragraph Arial 12pt) Yo to TT. Click. Sane and San