The EG Company produces and sells one product. The following data refer to the year just completed: Beginning inventory 0 Units produced 25,000 Units sold 20,000 Sales price per unit $400 Selling and administrative expenses: Variable per unit $275,000 Manufacturing costs: Direct materials cost per unit $200 Direct labor cost per unit $50 Variable manufacturing overhead cost per unit $30 Fixed manufacturing overhead (total) $300,000 Assume that direct labor is a variable cost. Required: Compute the cost of a single unit of product under both the absorption costing and variable costing approaches. Prepare an income statement for the year using absorption costing. Prepare a contribution format income statement for the year using variable costing