Question No. 04 Maxwell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operation: Variable cost for per unit produced: Direct Materials Tk. 18 Direct Labor 7 Variable Overhead 2 Variable selling and administrative 5 Fixed Cost per year: Fixed manufacturing overhead 160000 Fixed selling and administrative expenses 110000 During the year, the company produced 20000 units and sold 16000 units. The selling price of the company's product is Tk. 50 per unit. Required: Assume that the company uses absorption costing a. Compute the unit product cost b. Prepare an income statement for the year using absorption costing method