! Required information Use the following information for the Exercise below. (Algo) [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 $ 34 per unit $ 24 per unit $ 16 per unit $ 70,000 per year $ 3 per unit $31,000 per year Exercise 19-5 (Algo) Computing gross profit at different production levels LO P2 The company sells its product for $150 per unit. Compute gross profit using absorption costing assuming the company (a) produces and sells 2,500 units and (b) produces 3,500 units and sells 2,500 units. Gross profit using absorption costing (a) 2,500 Units Produced (b) 3,500 Units Produced and 2,500 Units Sold and 2,500 Units Sold Gross profit