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Q. 3 a compan'j,1r produces and sells a single product. Cost data are as follows: Variable costs per unit: Direct materials II; 10 Direct labour '3 Variable factor),r overhead 3 Variable selling and administrative a Total variable costs per unit II; 31 Fixed costs per year Fixed factory overhead II; 000,000,! Fixed selling and administrative 530,000! Total xed costs per year II; 1130, 000] Page 1 of 2 The product sells for II; 80f per unit. 50,000 units are produced and 50,000 units are sold during the year. Beginning inventory of the product is 25,000 units. Product cost per unit under absorption and variable costing in the previous year was the same as in the current year. Required: a) Determine unit product cost under absorption costing and variable costing h) Prepare income statement for the year under absorption costing and variable costing c) Reconcile the absorption costing and variable costing net income. 'I. l'___'I__. If\