The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: Beginning inventory 0 34, 300 Units produced Units sold 27, 700 Selling price per unit $ 446 Selling and administrative expenses: Variable per unit $ 20 Fixed per year $498, 600 Manufacturing costs: Direct materials cost per unit $ 259 Direct labor cost per unit $ 59 $ 35 Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year. $617, 400 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 costing 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 B Required C Required D Prepare an income statement for the year using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: 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