The Southern Corporation manufactures a single product and has the following cost structure: Last year, 7,000 units were produced and 6,800 units were sold at $90 per unit. There was no beginning inventory. 1. What would be the unit product cost for the year under absorption costing and variable costing? 2. Prepare income statement for the year under absorption and variable costing? 3. Reconcile variable costing income to absorption costing income