The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed per year Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year Assume that direct labor is a variable cost. Required: 26,800 25,800 $ 418 $ 18 $335,400 $ 231 $ 52 $ 39 $348,400 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Compute the unit product cost under both the absorption costing and variable costing approaches. Absorption costing Variable costing Cost Per Unit Required A Required B Required C Required D Prepare an income statement for the year using absorption costing. Absorption Costing Income Statement < Required A Required C > Prepare an income statement for the year using variable costing. Variable expenses: Variable Costing Income Statement Fixed expenses: Required A Required B Required C Required D Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Net operating income (loss) under variable costing Net operating income (loss) under absorption costing