The Dorset Corporation produces and sells a single product. The following data refer to the year just completed 28,600 27,300 5 495 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 $ 23 $382,200 35 5 279 $ 52 $ 36 5629,200 Assume that direct laboris 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 Required D Required A Required B Compute the unit product cost under both the absorption costing and variable costing approaches. Cost Per Unit Absorption costing Variable costing Required 8 > The Dorset Corporation produces and sells a single product. The following data refer to the year just completed 28,500 27,300 $ 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 $ $382.200 $ 279 $ 52 $ 36 5629,200 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 Required D Required A Required B Prepare an income statement for the year using absorption costing. Absorption Costing Income Statement Required)