Student ID - 840318

3. (10 points) The following information pertains to Parma Company's first year operation: Variable costs per unit Manufacturing Direct materials $25 Direct labor S15 Variable manufacturing overhead 55 Variable selling and administrative $2 Fixed costs per year Fixed manufacturing overhead $250,000 Fixed selling and administrative expenses $80,000 During its first year, Parma Company produced 60,000 units and sold (last 5 digit student ID) units. The selling price of the company's product is $65 per unit. Required: Assume the company uses variable costing, (1) Compute the unit product cost for the year, (2) Prepare an income statement for the year