The following data relate to Jupiter Company, a new corporation. During the first year, the company produced 120,000 units and sold 100,000 units: Selling Price (per unit) Direct materials used (per unit) Direct labor (per unit) Variable manufacturing overhead (per unit) Fixed manufacturing overhead (total) Selling and administrative expenses: $25 $8 4 2 300,000 Variable (per unit) Fixed (total) 0.5 280,000 Required A. Compute the product cost under absorption costing and variable costing systems. (25 Points) B. Prepare the income statement using the variable-costing system. (40 Points)