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 0 31, 700 28, 600 $ 416 22 $457, 600 $ 240 $ 54 Variable manufacturing overhead cost per unit $ 37 $380, 400 Fixed per year Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Fixed manufacturing overhead per year 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. 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