Question-2: Beximco manufactures and sells a single product. The following costs were incurred during the companys first year of operations: [10] Variable costs per unit: Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . .$8 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5 Variable manufacturing overhead . . . . . . . . . . .$4 Variable selling and administrative . . . . . . . . . .$5 Fixed costs per year: Fixed manufacturing overhead . . . . . . . . . . . . . . . $2,50,000 Fixed selling and administrative . . . . . . . . . . . . . . $2,00,000 During the year, the company produced 30,000 units and sold 20,000 units. The selling price of the companys product is $60 per unit. Requirements: 1. Calculate Unit Product Cost under Variable Costing and Absorption Costing. 2. Prepare an Income Statement under Variable Costing.