The following costs were incurred for the single product produced during the first year of operations for the Fairfax Manufacturing Company Variable costs per unit Manufacturing Direct materials Direct labor S 10 Variable seling and administrative Foxed costs per year Fixed Flxed seling and administrative $231,000 $ 141,000 During the year, the oompany produoed 21.000 units and sold 17,000 units. The selling price of the company's product is $40 per unit Required: 1. Assume that the company uses absorption costing a. Compute the unit product cost b. Prepare an income statement for the year on Costing Income Statement 2. Assume that the company uses variable costing a. Compute the unit product cost