The Dorset Corporation produces and selis a single product. The foliowing data fefer to the year just compieted: Assume that direct labor is a variable cost. Required: A. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing c. Prepare an income statement for the year using variable costing d. Reconeile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Compute the unit product cost under both the absorption costing and variable costing approaches: Assume that direct labor is a variable cost Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variabie costing net operating income figures in (b) and (c) aboi Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using absorption costing. Required: ii. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepate an income statement for the year using variable costing. a. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using variable costing. Assume that direct labor is a variable cost. Required: a Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above Complete this question by entering your answers in the tabs below. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above