The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory Units produced 28, 300 Units sold 26, 600 Selling price per unit $ 446 Selling and administrative expenses: Variable per unit $ 15 Fixed per year $ 478, 800 Manufacturing costs: Direct materials cost per unit $ 252 Direct labor cost per unit $ 57 Variable manufacturing overhead cost per unit $ 31 Fixed manufacturing overhead per year $ 594, 300 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. Cost Per Unit Absorption costing Variable costingRequired A Required B Required C Required D Prepare an income statement for the year using absorption costing. Required A Required B Required C Required D Prepare an income statement for the year using variable costing. Variable expenses: 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. Net operating Income (loss) under variable costing Net operating Income (loss) under absorption costing