Required information [The following information applies to the questions displayed below.] Barnes Company reports the following for its product for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 35 per unit $ 25 per unit $ 11 per unit $ 80,000 per year $ 2 per unit $ 37,000 per year Compute total product cost per unit using absorption costing for the following production levels: (a) 4,000 units, (b) 5,000 units, and (c) 8,000 units. Answer is complete and correct. Units produced Product cost per unit using absorption costing 4,000 5,000 8,000 Direct materials $ 35 $ 35 $ 35 Direct labor 25 25 25 Variable overhead 11 11 11 Fixed overhead 20 16 10 Total product cost per unit 91 87 81 The company sells its product for $120 per unit. Compute gross profit using absorption costing assuming the company (a) produces and sells 4,000 units and (b) produces 5,000 units and sells 4,000 units. Gross profit using absorption costing (a) 4,000 Units Produced and 4,000 Units Sold (b) 5,000 Units Produced and 4,000 Units Sold Cost of goods sola Direct labor Direct materials Fixed overhead Fixed selling and administrative expenses Sales Variable overhead Variable selling and administrative expenses ! Required information [The following information applies to the questions displayed below.] Barnes Company reports the following for its product for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 35 per unit $ 25 per unit $ 11 per unit $ 80,000 per year $2 per unit $ 37,000 per year The company sells its product for $120 per unit. Compute contribution margin using variable costing assuming the company (a) produces and sells 4,000 units and (b) produces 5,000 units and sells 4,000 units. Contribution margin using variable costing (a) 4,000 Units Produced and (b) 5,000 Units Produced 4,000 Units Sold and 4,000 Units Sold Direct labor Direct materials Fixed overhead Fixed selling and administrative expenses Sales Variable cost of goods sold