The Waterloo Company manufactures and sells a golf cart. The following costs were incurred during the company's first year of operation: $5.00 Variable Costs per Unit: Manufacturing: Direct Materials Direct Labor Variable Overhead Selling and Administrative $4.00 Fixed Costs per Year Manufacturing Overhead $192,000 Selling & Administrative $100,000 During the year, the company produced 24,000 units and sold 22,000 units. a) Compute the unit product cost : Assuming that the firm uses Absorption Costing Assuming that the firm uses Variable Costing - b) What, if any, would the difference in Operating Income for the year be under the two different methodologies